Mark Carney’s blue-sky take on interest rates misses clouds on the horizon

The Bank of England governor believes the UK economy is well insulated from global shocks, but his forecasts could easily go awry

Forget the financial turmoil in China and around the world. When it comes to the UK, Mark Carney would have us believe he remains in charge.

The Bank of England governor gave a robust defence on Saturday of his position as the UK’s most influential policymaker. That means base interest rates are still going up, perhaps in February or thereabouts, and will be on course to touch 2% by 2018.

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