Bank of England Governor Mark Carney said on Tuesday that the interest rate hike is moving closer.
At the Treasury Select Committee hearing, Carney said the point at which interest rates may begin to rise is moving closer. It is counter-balanced somewhat by disinflation, he said.
There would inevitably be "shocks and adjustments," he cautioned. He reiterated that the increase in rates would be limited and gradual.
Data today showed that British inflation returned to zero in June as food and clothing costs declined from last year.
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April 24, 2026 15:15 ET Economics news flow was relatively light this week even as the conflict in the Middle East continued, raising concerns for policymakers. In the U.S., spending data, initial jobless claims and pending home sales were the highlights. Business confidence in the biggest euro area economy was in focus in Europe. Inflation data from Japan gained attention in Asia.