The Bank of England Governor Mark Carney testified before the Treasury Select Committee (TSC) today. He said:

• Wages in the U.K. softer than expected by the BoE;
  
• There has been more spare capacity in the labour market that can be absorbed before the interest rate hike;
  
• Timing of any interest increases is not as important as the fact any interest rise will be "limited and gradual";
  
• The interest rate hike will be driven by the U.K. economic data.