BoE's Carney sees interest rate rise in 'relative near term'
Governor signals possibility of first increase since July 2007
UK interest rates could rise in the "relatively near term", said Bank of England Governor Mark Carney.
"We can see that in the coming months if the economy continues on this track it may be appropriate to raise interest rates," he told the BBC on Friday.
"If the economy continues on the track that it's been on, and all indications are that it is, in the relatively near term we can expect that interest rates will increase."
"We're talking about just easing the foot off the accelerator to keep with the speed limit of the economy and so interest rate increases when they come - when and if they come - will be to a limited extent and gradual," he added.
The bank's monetary policy committee meets on November 2.
Carney said he was also concerned about what he described as "frothy" conditions in the consumer debt market.
"What we're worried about is a pocket of risk - a risk in consumer debt, credit card debt, debt for cars, personal loans," he said.
The bank's base rate is currently at an historic low of 0.25%. It was cut from 0.5% in August 2016 after the Brexit vote. Rates were slashed heavily in 2008 in the wake of the banking industry-induced financial crisis.