Mark Carney

Mark Carney: In a significant change of policy for the Bank of England, Carney outlined the bank's "forward guidance" in one of the most closely watched press conferences by the U.K.'s monetary authority, according to Times Colonist. Unveiling a tool he first used as governor of the Bank of Canada, Carney said it was "exactly the time," to give such forward guidance stressing that this was a critical moment for policymakers because the U.K's economy was still performing below par and LONDON - The Bank of England's new Gov. Mark Carney sought to spur Britain's sluggish recovery Wednesday when he said the central bank will not consider raising its record low interest rate until unemployment falls below 7 per cent. With the current UK unemployment rate at 7.8 per cent, the economy would need to create about 750,000 new jobs something the bank feels won't happen until 2016 before the benchmark interest rate is increased from the current 0.5 per cent. (www.immigrantscanada.com). As reported in the news.