Wealth Manager - the site for professional investment managers

Register to get unlimited access to Citywire’s fund manager database. Registration is free and only takes a minute.

Carney stands firm on rates, but signals shift on unemployment

Carney stands firm on rates, but signals shift on unemployment

Governor of the Bank of England Mark Carney has said there will be no ‘immediate’ increase in interest rates and hinted that his flagship forward guidance policy would shift its focus away from just unemployment, which fell to 7.1% in December.

According to reports Carney said the Bank would look at ‘overall conditions in the whole labour market’, rather than just unemployment.

He said the British economy was ‘in a different place’ from last summer when he introduced forward guidance, linking interest rates with unemployment, but that any rise in rates would be very gradual.

Carney (pictured) is set to outline his views in full in a speech later today.

Speaking in Newsnight last night Carney said: ‘We’re trying to get across that it’s all about overall conditions in the labour market... We wouldn't want to detract from that focus by unnecessarily focusing on one indicator.’

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.
Citywire TV
Play Biotech Growth: we will ride out this storm

Biotech Growth: we will ride out this storm

Geoffrey Hsu of Biotech Growth Trust says the sell-off in biotechnology stocks represents a buying opportunity for long-term investors.

Play Picton: the UK property hotspots for rental income

Picton: the UK property hotspots for rental income

Picton Property Income CEO Michael Morris reveals how he is planning to ride the ‘ripple effect’ as UK economic growth spills out from the capital across the country.

Brewin's Foster talks financial crisis MkII with Allianz's Riddell

Brewin's Foster talks financial crisis MkII with Allianz's Riddell

This week Brewin Dolphin's head of research talks to Mike Riddell, fund manager at Allianz Global Investors, about the forces driving bonds markets in a tumultuous week for markets.

Your Business: Cover Star Club

Profile: 'what we are doing at Mosaic is Darwinian'

Profile: 'what we are doing at Mosaic is Darwinian'

The changes in financial services over the last few years may leave some destitute warns Marco Sambucci of Mosaic Money Management

Wealth Manager on Twitter