The Bank of England (BoE) Governor Mark Carney said at the TUC's annual meeting that the BoE could start to hike its interest rates next spring. He added that the central bank expects real wages to rise around the middle of next year.

The BoE governor said "the recovery has exceeded all expectations".

Mr. Carney reiterated that the timing of interest rate hike "will depend on the data". But he did not expect interest rate to rise to levels before recession.