Bank of England's Mark Carney signals rate increase approaching

Mark Carney reaffirmed that the Bank of England is close to its first interest-rate increase in over a decade, as inflation hit 3 per cent and one of his colleagues said the economy is approaching a "tipping point".

In a series of testimonies to lawmakers, the BOE governor and the two newest members of the rate-setting Monetary Policy Committee signalled that the erosion of economic slack is dominating their thinking as they prepare for a November 2 decision. The appearances coincided with a report showing consumer prices rising at the fastest pace since April 2012.

Bloomberg