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Interest rates are "likely to remain low for some time" but the UK has "edged closer" to a rise, Bank of England Governor Mark Carney told ITV News' Economics Editor Richard Edgar.
He added that "today is not the day" to rise interest rates and the exact timing of the first rise "will be a product of the evolution of the economy".
The Bank of England increased its growth forecast for the UK next year from 2.7% to 2.9% and left its forecast for 2014 unchanged at 3.4%.
Latest ITV News reports
The Bank of England delivered its quarterly update today and the message from the governor on the economy was 'steady as she goes'.