The Bank of England Governor, Mark Carney, has reiterated that UK interest rates are likely to rise from their historic lows “over the coming months”, setting the scene for the first rate hike from the central bank in 10 years.
He also warned that Brexit will in the near term reduce Britain’s openness to overseas trade and that leaving the EU was already reducing the potential size of the British economy.
Speaking at the International Monetary Fund in Washington, Mr Carney, repeated the view from the minutes of the most recent Monetary Policy Committee (MPC) meeting last week that the cost of borrowing is likely to rise later this year absent a sudden deterioration.
