November 2, 2017 / 1:12 PM / a year ago

BoE's Carney says two more rate increases over next three years are needed

LONDON (Reuters) - Two more 25 basis point increases in interest rates are needed over the next 3 years in order to get inflation down towards the Bank of England’s 2 percent target, BoE governor Mark Carney said on Thursday.

“We in fact need those two additional rate increases in order to get that return of inflation to target and in fact if you look closely at the forecast, inflation approaches the target, it doesn’t quite get there, and the economy is likely to be in a position of excess demand,” Carney told a news conference.

Reporting by David Milliken and William Schomberg, writing by Alistair Smout; editing by Stephen Addison

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