LONDON (Reuters) - Britain's economy has picked up and the latest data suggests it is now growing at an annualised rate of between 3 and 4 percent, Bank of England chief economist Spencer Dale said in a speech published on Wednesday.
However, Dale stressed that the overall level of economic output remained around 3 percent below its pre-crisis peak, and that the central bank was not close to raising interest rates.
"I don't know how quickly bank rate will begin to rise. That will depend critically on the extent to which productivity recovers as demand increases," he said in a text published by the BoE.
"But the MPC's forward guidance makes clear that, after the worst recession in post-war history and the weakest recovery on record, this time is likely to be different. It's levels, not growth rates, that matter," he continued.
(Reporting by David Milliken and Olesya Dmitracova)