BoE's Gieve: Oil prices should not impact on rates

John Gieve, the new deputy governor of the Bank of England, on Thursday 26 January rejected suggestions that UK interest rates should rise simply because of very high energy costs.

He also said the low level of long-term U.K. interest rates doesn't present a threat to systemic stability.

Addressing MPs on the Treasury Select Committee, the BoE's newest Monetary Policy Committee member said one impact of high energy costs was to depress output and growth, which helps to offset the impact on mone