LONDON (Reuters) - The Bank of England does not plan to raise interest rates soon and it will move cautiously when the time comes to start increasing borrowing costs, a top official at the bank said on Wednesday.
"We're not planning to raise interest rates any time soon," Spencer Dale, chief economist at the BoE and a member of its Monetary Policy Committee, said in an interview with BBC radio.
"Interest rates will have to rise at some point but not yet. And when they do they will rise very gradually and cautiously to make sure we continue to nurture the recovery we have seen in output growth and employment."
Earlier this month, the BoE announced a new version of its centrepiece forward guidance policy, linking its rate decisions to how quickly the economy uses up its spare capacity.
(Reporting by William Schomberg; Editing by John Stonestreet)