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Britain could lift rates in spring 2015: policymaker

Published on Feb 21, 2014 12:15 AM

LONDON (AFP) - Britain's record-low interest rates could start rising in spring 2015, a Bank of England policymaker told Sky News on Thursday.

Martin Weale, a member of the central bank's nine-strong Monetary Policy Committee, indicated rates could begin rising from the current level of 0.50 per cent before a general election due in May 2015.

"I think it is very helpful if we try and explain that the most likely path for interest rates is that the first rise will come perhaps in the spring of next year," Weale told Sky News.

"And then the path is likely to be relatively gradual." He added: "During an election campaign it would obviously be difficult (to change rates) but the election campaign will last for three weeks." The comments mark the BoE's most explicit hint yet of when borrowing costs could start to rise.

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