Bank of England's Carney: rates likely to rise over the next year

Best bonds to invest in 2018

The Bank of England made a decision to leave the interest rate unchanged as expected and sent a dovish message.

- Bank of England inflation report downgrades Q2 2018 growth by 0.4%.

In a Reuters poll published on Wednesday, all but three of 62 economists polled between May 3 and 8 expected no change in rates.

Tom Stevenson, investment director for personal investing at Fidelity International, added: "Mark Carney really is the "unreliable boyfriend". Britain´s economy grew more slowly than most of its peers a year ago after a Brexit-driven jump in inflation hit consumer spending power and some businesses delayed long-term investment.

Many experts blame uncertainty related to Britain's exit from the European Union for the slowdown.

It expects the economy to rebound in the coming months.

Shortly before the BoE decision, HSBC chopped its year-end forecast for the 10-year gilt yield by 30 basis points to one percent, citing weaker-than anticipated economic growth.

Ian McCafferty and Michael Saunders again preferred a quarter point increase in rates as they judged the weakness in the first quarter GDP data to be temporary or erratic, heavily affected by adverse weather.

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Minutes to the meeting show the majority of rate-setters preferred to wait to raise rates to "discern whether the softness in the first quarter might persist". The following month, two of the BoE's nine Monetary Policy Committee (MPC) members voted for an increase to 0.75 percent.

The central bank said on Thursday that inflation had fallen faster than it expected.

CPI Inflation now sits at 2.3% and earlier predictions of solid economic growth through this year had led many to expect the Bank to vote to increase the base rate from 0.5%, where it has been for much of the past 8 years, bar a dip to 0.25% during 2017.

"It's likely over the course of the next year rates will go up, likely by the end of the year. that's the most likely thing to happen", Mr Carney said in an interview with the BBC.

"With inflation returning to its target in two years the committee clearly thinks time is on its side".

Wage growth was forecast to pick up slightly less strongly this year than had been forecast before. In the year to March, annual consumer price inflation was 2.5 percent, well below the bank's projection of nearly 3 percent. Since he joined the BoE in 2013, Carney has signalled several times that the time was nearing for rates to rise from the historic low of 0.5 percent reached during the 2008-09 financial crisis, only for economic data to surprise him. It was sticking to its message that rates would probably need to rise - for only the second time in over a decade - once that recovery was clear.

"Until there is hard evidence that growth will improve significantly, the BofE is right to approach any future rate hikes with a degree of caution".

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