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Bank of England to announce interest rate policy overhaul


Mark Carney, governor of the Bank of England, is set to announce changes to the interest rates guidance policy today.

The rate was linked to unemployment levels, which have fallen in recent months to near the 7% threshold originally set as the benchmark to increase the rate. At the time it was not expected that such unemployment levels would be reached until 2016.

The Bank is not expected to set another numerical target, instead to give 'soft guidance' on how and when future changes may take place. Mr Carney has said in previous statements that the forward guidance policy needed to 'evolve'.

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