The Bank of England (BoE) Governor Mark Carney testified before the Treasury Committee on Tuesday. He said that that the interest rate in the U.K. is likely to remain at low level "for some time".
"One of the concerns in a low prolonged interest rate environment, in which we are clearly are, and are likely to remain for some time, even with limited and gradual rate increases it still will be a relatively low interest rate environment," he said.
Carney noted that he does not know when to start raising interest rates.
"The question in my mind is when is the appropriate time for interest rates to increase, and that is strongly consistent with the strength of the domestic economy," the BoE governor said.