UK Interest Rate Hike Delay to be Confirmed by BoE Governor

Bank of England Governor Mark Carney is tipped to confirm that UK interest rates will stay at a record low until the middle of 2015 when he delivers his latest economic outlook today (12 November).

Following a range of polls, economists have shifted their predictions for a rise in record low interest rates of 0.5% to at least June 2015 as weak underlying growth in wages and job stability still remains a major problem for strong economic growth.

The Office for National Statistics (ONS) showed that UK economic growth slowed in the three months to September, with the economy expanding by 0.7%.

It also showed that average weekly earnings grew by 0.9% in the year to August 2014.

The figures mean that average total pay (including bonuses) for employees in UK was £479 ($762, €601) per week before tax and other deductions from pay.

In August, the central bank made a forecast that inflation would be a 1.8% in two years' time.

The National Institute of Economic and Social Research (NIESR) has revealed that Britain's economy is set to grow faster than expected over the next year despite risks from the rest of the eurozone.

The NIESR forecasts the UK economy to grow 2.5% in 2015, which is an upwards revision to the 2.3% made three months ago by the institute.

In August, the BoE predicted that UK economic growth would be at 3.5% for 2014 but slow to 3% in 2015.

The UK job market continues to recover: the number of households blighted by unemployment fell to lowest levels since 1996 in the three months to June, according to official figures.

The Office for National Statistics (ONS) has said the percentage of households where no adults work was 15.9%, down 1.4% from a year earlier, and the largest fall since comparable records began.

Newer figures are also out today.