The governor of the Bank of England has ruled out an immediate
rise in interest rates because of the turmoil in the global economy
and weaker UK growth.
In a gloomy assessment of the state of the world, Mark Carney
said that collapsing oil prices and an "unforgiving" global
environment meant that tighter monetary policy was not yet
necessary. Mr Carney's assessment comes six months after he
suggested that a rise in interest rates would come into "sharper
relief" at the beginning of 2016.
Many assessed that as a signal that rates would start rising
early this year - a relief for savers who have struggled with
historically low interest rates since the financial crisis.
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Eddie Ellis MNAEA
JP & BRIMELOW Chorlton