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The U.K has enjoyed firm economic growth in recent quarters and unemployment has fallen more than expected. The International Monetary Fund (IMF) said the U.K will be the fastest growing major economy in the developed world this year, with growth of 3.2 percent in 2014 – outstripping the rest of the G7 including the United States, Germany and France.
But this economic recovery has not translated into better wages - something the BoE is waiting for before it raises rates. The bank has insisted that a rate hike is contingent on recovery in wage growth—which it does not expect in real terms until the middle of 2015.
In an interview with CNBC last month, Bank of England Governor Mark Carney sounded more dovish on monetary policy than in recent months.
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Carney said the BoE would incorporate recent economic developments in policy decisions, which have included a downgrade to the global economy by the International Monetary Fund.
"We have to account clearly for a more modest global recovery, particularly if that is the case in Europe. In addition, we really are concentrating on the labor markets which will be as important as external developments for the path of monetary policy," he told CNBC.
Correction: This article has been amended to reflect that as of Thursday November 6, £375 billion was equivalent to $597 billion.