Bank of England: 'No hurry to increase interest rates'

The recent recovery in the economy has raised the question of when the Bank of England will raise rates from their current historic low of 0.5%, with policymakers indicating it could be the first half of 2015.

David Miles, from the Bank of England's Monetary Policy Committee (MPC), told BBC Breakfast that interest rates would not rise in the next few months.

He said the MPC was "not in a hurry" put rates up.

In a wide-ranging interview, Mr Miles also said that as the economy continued to recover, wages would rise faster than inflation.