BoE chief: Rates path to be materially different

Bank of England deputy governor Ben Broadbent said that the path of UK interest rates is going to be "materially different" than in the past.

Echoing governor Mark Carney’s point that any increase in the UK benchmark from 0.5% will be gradual, Mr Broadbent told fellow central bankers in Jackson Hole, Wyoming, that “the path of interest rates that’s necessary to meet our mandate is going to be materially different than it has in the past.”

He was speaking on a panel along with Haruhiko Kuroda, governor of Bank of Japan, and Alexandre Antonio Tombini, governor of Brazil’s central bank.