Bank of England governor Lord Mervyn King says it would be “premature” to raise interest rates now, adding they are set to remain low for some time to come.
Speaking at his final Treasury select committee hearing today, King said monetary policy should remain loose and defended the use of quantitative easing.
King, who is set to leave the role on 1 July, moved to calm global markets after a tumultuous week in which equities fell and Government bond yields rose on the back of signals by the Federal Reserve that it would start to unwind its QE programme.
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"Savers should check interest being applied to their savings on cash urgently" - Intuitive FS
