UK interest rates likely to go up, says George Osborne

Chancellor says loose monetary policy to end due to UK and US economic success following suggestions China slowdown could keep rates down

British interest rates are more likely to go up than down thanks to the success of the UK and US economies, George Osborne has said, as he toured China to foster closer political and business ties.

The chancellor told BBC Radio 4's Today programme on Tuesday that a rise in interest rates signalled by Mark Carney, the Bank of England governor, reflected the "robust growth" of Britain's economy, adding "the general signal coming from the Bank and the Federal Reserve in the US is that the exit from very loose monetary policy is going to come".