BoE's Bean says no urgency for raising UK interest rates - paper

LONDON, March 12 Wed Mar 12, 2014 5:21am EDT

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LONDON, March 12 (Reuters) - The Bank of England is not urgently considering raising interest rates which will probably increase only gradually when the time comes, deputy governor Charlie Bean was quoted as saying on Wednesday.

"Inevitably there's a lot of focus on what date the Bank Rate will go up. That depends on how the economy unfolds," Bean said in an interview with the Evening Gazette newspaper in Middlesborough, northeastern England.

"But one thing we want to stress is, we don't think there should be any urgency in raising it."

Bean said when the time comes to increase borrowing costs, rate rises are likely to be gradual and to a level that is "materially lower than before crisis".

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