Bank of England Governor hints that interest rate rises may not be until 2015

Bank of England Governor Mark Carney has hinted that a base rate rise in 2014 may be too soon due to a 'modest global recovery'.

He told CNBC that the Monetary Policy Committee's November meeting will primarily discuss the slow nature of global growth.

Carney said: 'We have to take into account a more modest global recovery, particularly if that's the case in Europe.

'There is weaker global demand relative to global potential that is producing a very benign global inflationary environment.'

But he added: 'We need to concentrate on what’s going on in the labour market which will be as important as external developments for monetary policy.'

Carney was cautiously optimistic about the state of the UK economy.

He said: 'We have had a strong recovery in the last 18 months and we are now into an expansion. It's reasonably broad based, it’s much more than consumption.

'The business investment is growing more than 10% a year and we've had a housing market that's picked up.'