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LONDON (AP) — Bank of England Governor Mark Carney is downplaying the possibility of an interest rate increase amid the uncertainty wrought by Britain’s pending departure from the European Union.

Carney, in a speech to business leaders Monday, said that while rates will have to rise as spare capacity in the economy declines, “now is not yet the time to begin that adjustment.”

The comments come after three members of the bank’s Monetary Policy Committee voted to increase the bank’s benchmark rate from a record-low 0.25 at their last meeting. Britain’s inflation rate rose to 2.9 percent in May — the highest in nearly four years.

Carney made the comments in his annual Mansion House speech, which was delayed following a catastrophic fire in west London that killed at least 79.