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Economic Flash News


Interest Rates Rise 'Signal Economy Growing'

A rise in interest rates is a sign the UK economy is emerging from a crisis period and is growing, George Osborne has argued. The Chancellor sought to strike an upbeat note on the move which is set to see some people's mortgage payments go up, after Bank of England Governor Mark Carney gave a strong hint they may increase before the General Election next May. In his first Mansion House speech since becoming governor, Mr Carney warned "gradual and limited" increases would be needed as the economy recovers. With the economy recovering faster than anticipated, analysts predict the interest rate hike could even come as early as this year.