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BoE Bean expects a 3% rate in 5 years

Charlie Bean, the departing BoE's deputy governor, expects the UK’s main interest rate to reach 3% within 3 to 5 years. He also pointed to the risks of increasing rates too early, saying policy makers had to be careful not to damage the recovery. In his view, there is no immediate need for a rate rise because there is still slack in the economy to guard against any inflation build-up

Last week, minutes published by the Monetary Policy Committee showed it moving closer to a rate rise as some members indicated they were ready to vote for an earlier-than-expected increase.

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