In an interview with The Sunday Times, Mr Carney declared that the economy was now undergoing genuine expansion following the 2008 economic crisis. "Wherever the finish line was in the depths of the crisis, we are much more than half way towards that finish line now," he said. "The expansion is proceeding, momentum is more assured; the very fact we have had consistent quarters of growth in line with or slightly better than our forecasts shows that.
Britain's economy is "more than half way" down the path to full recovery, but any interest rate rises will be "limited" and "gradual", Bank of England boss Mark Carney said Sunday.
Mr Carney sought to reassure indebted householders that interest rates were not set to rise sharply any time soon. "There are big pockets of households who will be very sensitive to interest rate increases when they begin, so it makes sense to be gradual," he said.
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