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BoE's Carney: Low rates posing risk for housing and financial markets

FXStreet (Łódź) - The BoE governor says that currently inflation is below target, after remaining above it for the last five years.
• Rates are materially lower than in the past and could be fuelling risk on housing and financial markets.

• Changes in interest rates will have an influence on the a highly indebted private sector.

• Addressing insurers Carney draws their attention to capital levels and requirements.

• Rules for hiring insurance officials will be revised, to be able to discipline them in case of misconduct.

• The contribution of UK insurance industry to annual GDP is considerable at £25B.

• It also creates 300,000 high-paying jobs.

GB/USD jumps to 1.6330 as time for rate increase 'is getting closer'

The pound is currently trading higher versus the US dollar as the pair is reacting to the upside following Bank Of England's Carney words that said that the time for interest rate to start to rise 'is getting closer.'
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BoE's Carney: Time for rate hikes drawing near

As expected, BoE governor Mark Carney signalled in his speech at the Institute and Faculty of Actuaries General Insurance Conference in Wales, that an interest rate hike was drawing near, but failed to give any more details, only adding that the move would be data dependent.
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