Interest rates will be rising soon.
In a speech this afternoon mainly focused on the insurance industry, Mark Carney reiterated the Bank of England's stance on interest rates, and indicated that they will be rising before long. The Bank governor would not give a precise time scale, but saw the pieces falling in to place:
While there is always uncertainty about the future, you can expect interest rates to begin to increase.
The precise timing of the first rate rise is less important than our expectation that, when rates do begin to rise, those increases are likely to be gradual and limited.
With many of the conditions for the economy to normalise now met, the point at which interest rates also begin to normalise is getting closer. In recent months the judgement about precisely when to raise Bank Rate has become more balanced.