July 9, 2014 / 1:40 PM / 4 years ago

Bank of England likely to lower slack estimate - Shafik

LONDON, July 9 (Reuters) - The Bank of England is likely to lower its estimate of the amount of spare capacity in Britain’s economy, incoming BoE Deputy Governor Minouche Shafik said on Wednesday.

The BoE estimated the amount of slack in the economy was equivalent to between 1 and 1.5 percent of gross domestic product in its last two quarterly Inflation Reports.

The Bank has said it is watching spare capacity closely as it weighs up when to start raising interest rates from their record low of 0.5 percent. It is due to publish its next quarterly Inflation Report in August. (Reporting by David Milliken, writing by William Schomberg)

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