The governor of the Bank of England has told MPs interest rate rises will be eased in more gradually than previously thought as the UK economy battles a tide of global pressures.
In his evidence to the Treasury Select Committee on the bank's latest Inflation Report, Mark Carney said the country is "still an economy that requires monetary stimulus".
He cited the worldwide growth slowdown and particularly weakness in Europe for falling UK rate rise expectations since the summer.
But he agreed the next monetary policy move would likely be a rise in the bank rate, which has remained at its record low level of 0.5% since March 2009.
His comments did nothing to dispel City forecasts of no increase before the second half of 2015, despite the UK economy being in better shape than many of its competitors.
Mr Carney cited factors weighing on inflation alongside the international slowdown.
He said: "The combination of that means the cumulative tightening over the forecast period is likely to be less than previously thought."
The Inflation Report had suggested that inflation was likely to fall below 1% in the coming months.
Lower oil and commodity prices as well as the strength of the pound in recent months, together with weak wage increases, have kept inflation low.
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