Investors were taken by surprise earlier on Thursday when the Bank said just one of its nine policymakers - Ian McCafferty - had voted for a rate hike at their August meeting, which ended on Wednesday. With the economy now recovering strongly and wages finally rising more quickly, speculation is growing about when it might start to wean Britain off low rates, mirroring the debate at the U.S. The BoE slashed interest rates to 0.5 percent in the depths of the financial crisis in 2009 and has kept them there since. in short, it will be data-dependent,” he said after the BoE for the first time published its quarterly economic forecasts and details of its latest policy discussions on the same day. “However the exact timing of the first move cannot be predicted in advance. “The likely timing of the first Bank Rate increase is drawing closer,” he told reporters. The pound fell sharply and investors briefly pushed back their bets on a first rate hike until June next year, before BoE Governor Mark Carney said the Bank was getting closer to beginning to undo its stimulus for Britain’s economy. LONDON, Aug 6 (Reuters) - The Bank of England pointed to a possible rise in interest rates early next year as just one of its top policymakers backed an immediate move and it said the strength of sterling meant inflation would only pick up slowly.
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