No rate rise soon - Bank official

AOL Money Staff
Bank of England
Bank of England

Markets are "spectacularly misguided" if they think interest rate rises are around the corner or that the economy is back to normal, a leading central banker has warned.

In a staunch defence of the Bank of England's new "forward guidance" policy, David Miles said a few quarters of upbeat growth do not mean the economy is fixed, and Britain is likely to see a slow fall in unemployment.