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Fisher: Interest rates rise not planned 'any time soon'

14 November 2013 Last updated at 11:06 GMT

A senior member of the Bank of England's Monetary Policy Committee has told the BBC that an increase in interest rates before 2015 has not been not ruled out - but is unlikely to happen immediately.

Paul Fisher, Executive Director for Markets for the Bank of England, told BBC Radio 5 live's Wake Up to Money: "We're not planning to raise rates any time soon."

"The current low level of rates is necessary to sustain the recovery for a while yet. Eventually if we get inflation on target... you might expect interest rates to be in the 4 to 5% range - that would be more normal."