Bank of England`s King sends messages to Carney

Bank of England Mervyn King gave some messages to his successor Mark Carney, who will take charge of the BOE on July 1, in an interview on Sky News television broadcast on Sunday, telling him signal how long interest rates will remain low and not to run as a "a one-man show."

First, King expressed his confidence in Carney by stating that "I think everyone will admire what he will achieve," and he is capable of making the right decisions.

King said Carney has to signal for how long the borrowing cost will remain at its current low level of 0.50 percent, revealing that this will depend on the progress the economy will show.

Last week, King said at the press conference that recovery is in sight for U.K. economy as forecasts raised. He revealed that this is first time to predict a "brighter economic outlook" since the financial crisis began.

The British economy managed to escape a triple-dip recession after it grew 0.3 percent in the first three months of this year, where the reading will subject to a revision this week.

The BOE expected last week in the inflation report a modest and sustained recovery for the U.K. economy, as it raised growth forecasts from February as the bank now sees a growth rate of 0.5% this quarter on easing inflationary pressure.

Also, King delivered another message which is  that Carney has to “work with the rest of the Monetary Policy Committee. It`s not a one-man show," as he has to benefit from the experience of the bank’s monetary team that have been working for more than 20 years.