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Britain's exit from loose monetary policy coming: gov't

Xinhua, September 23, 2015 Adjust font size:

Britain's exit from loose monetary policy is going to come, according to recent indications from the country's financial and monetary authorities.

"The governor has signaled, I think, pretty clearly the direction that interest rates are heading," Chancellor of the Exchequer George Osborne said in an interview with BBC during a trip to China Tuesday. "We've got the right people to make that call."

"The exit from very loose monetary policy is going to come," he said.

Giving evidence to the Treasury Select Committee last week, Bank of England Governor Mark Carney said, "the prospect of sustained momentum in the UK economy and the gradual firming of underlying inflationary pressure will likely put the decision as to when to start the process of gradual monetary policy normalization into sharper relief around the turn of this year."

BOE kept its interest rate at a record-low 0.50 percent and maintained the level of cash stimulus pumping around the British economy at 375 billion pounds (about 578 billion U.S. dollars) this month. Endit