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Mark Carney said the Bank of England’s Monetary Policy Committee (MPC) may need to begin raising interest rates. He will debate a move in the next few months. Lifting rates hinges on whether spare capacity in the economy erodes and the balance between supporting growth and tolerating faster inflation becomes less stark, he said.

“Some removal of monetary stimulus is likely to become necessary if the trade-off facing the MPC continues to lessen and the policy decision accordingly becomes more conventional,” the governor Carney said at the European Central Bank Forum on Wednesday in Sintra, Portugal. The pound rose after his remarks. According to Mark Carney, he will look at three factors to inform his decision about raising rates: the extent to which weaker consumption growth is offset by other areas of demand such as business investment, wages and labor unit costs, and how the economy reacts to Brexit.

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