July 13, 2018 / 11:53 AM / 2 months ago

BoE's Cunliffe sees case for "stodginess" in setting interest rates

LONDON, July 13 (Reuters) - Bank of England Deputy Governor Jon Cunliffe said on Friday that there remains a case for “stodginess” or caution in raising interest rates, due partly to limited evidence that wages are rising as fast as the BoE forecast earlier this year.

“Looking to the medium term, there remains a case for a little ‘stodginess’ yet,” Cunliffe said in a speech to businesses in Kendal, northwest England.

Cunliffe, who voted against the BoE’s last rate rise in November, said the economy appeared to be growing about as fast as the BoE predicted in May, but that wages did not appear to be rising at the 3 percent annual rate the BoE had forecast.

Most economists polled by Reuters expect the BoE to raise rates again after its next meeting in August. (Reporting by David Milliken and Andy Bruce)

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