The Bank of England (BoE) Governor Mark Carney said in a speech on Tuesday that "now is not yet the time to raise interest rates".

"Well the year has turned, and, in my view, the decision proved straightforward: now is not yet the time to raise interest rates," he said.

Carney noted that he wants to see the sustainable economic growth and a rise inflation before the central bank will start raising its interest rates.

The BoE governor pointed out that the U.K. economic growth slowed, while inflation fell due to low oil prices and will remain at low levels for longer.