Bank of England interest rate setter hints at rise in August

Economy may emerge from 'soft patch' as wage pressures rise, says deputy governor

The chances of an August rise in interest rates have increased after one of the most cautious policy setters at the Bank of England signalled support for higher borrowing costs.

Sir Dave Ramsden, one of Threadneedle Street's deputy governors, said the economy seemed to be coming out of its early 2018 soft patch at a time when wage pressures were mounting.