Key Bank of England policymaker 'not ready' for interest rate rise

Ben Broadbent says 'imponderables' in UK economy include being a year or more away from knowing what Brexit means

The Bank of England should resist increasing interest rates while the direction of the economy remains unclear, according to one of the central bank's senior policymakers, an announcement that reduces the chances of a rate hike this year.

Ben Broadbent, a close ally of BoE governor Mark Carney, said he was not ready to raise interest rates while the the bank's monetary policy committee (MPC) found it "very difficult" to judge whether there had been a significant improvement. "In my opinion, it is a bit tricky at the moment to make a decision [to raise rates]. I am not ready to do it yet," the deputy governor said.