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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