BofE Nickell: Financial market weakness to persist

In an interview Stephen Nickell of the Bank of England's Monetary Policy Committee said that the Bank's recent interest rate reduction was unlikely to trigger another round of rapid house price increases in the UK. Professor Nickell has regularly voted for a reduction in rates on the MPC.

Financial markets are set to remain under pressure this year and are unlikely to return to the levels seen in the early part of 2002, said the Bank of England's Steve Nickell in an interview with the Sunday T