Bank of England's Miles says no rate rise due in "very near term"

LONDON Wed Feb 26, 2014 3:07am EST

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LONDON Feb 26 (Reuters) - The Bank of England does not plan to raise interest rates soon, despite what appears to be the brightest economic outlook in five years, policymaker David Miles said on Wednesday.

"(Our aim) at the moment is not to increase interest rates in the very near term, because we have got inflation at target, it looks like it is going to stay there, and there is plenty of scope to encourage strong demand in the economy," Miles told BBC television.

Miles, who joined the central bank's Monetary Policy Committee in 2009, added that wages were at a turning point and about to start growing in real terms, and that it was "far too soon" to say the housing market was overheating.

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