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Bank of England responds to fall in unemployment

Business News 23 Jan 2014

Following recent reports that the unemployment rate fell to 7.1% in November, there is growing speculation that the Bank of England may consider changes to current rates of interest.

The Bank's Monetary Policy Committee (MPC) has previously said it would consider a base rate rise when unemployment reached 7%.

Ian McCafferty, a member of the MPC, said, 'The 7% unemployment level is only a threshold, not a trigger,' restating that there is no immediate need and the fact that inflation has returned to the Bank's 2% target has eased pressure to raise rates.

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