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BoE to make forward guidance decision 'next month'

ITV News Economics Editor Richard Edgar is listening to the Bank of England Governor Mark Carney at the World Economic Forum in Davos:

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Mark Carney speaking in Davos says the Bank of England will decide how to "evolve" forward guidance next month. #WEF14

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Carney says "the degree of stimulus will remain exceptional for some time" so low interest rates until the economy reaches "escape velocity"

Bank of England Governor: 'No immediate need to raise interest rates'

Carney: No immediate need to increase interest rates

Bank of England Governor Mark Carney has said "there is no immediate need to increase interest rates".

His comments come as UK unemployment fell to 7.1% - very close to the 7% figure at which the bank previously said it will consider raising interest rates.

Carney told BBC Newsnight the interest rate rise would be looked at in next month's inflation report but it is important to look at the labour market as a whole, not just one indicator.

Bank of England Governor Mark Carney. Credit: Press Association

Asked if he would be announcing a new threshold rate for unemployment, he said that it was "really about overall conditions in the whole labour market",

He added: "The worst of the crisis is behind us but the financial system is not functioning as well as it could. Uncertainty among households and businesses is still preventing investment."

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£50 Houblon note to be withdrawn from circulation

Around 63 million £50 banknotes with the portrait of the first Bank of England Governor Sir John Houblon are to be withdrawn from circulation in 15 weeks' time.

From April 30, the only £50 note that will be accepted as legal tender will be the one with bearing the faces of entrepreneur Matthew Boulton and engineer James Watt, who helped forge the Industrial Revolution.

The Bank of England has tweeted this guide:

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This is a Houblon £50. These notes should be used in shops or exchanged at banks between now and the end of April http://t.co/t8xJTwkXaH

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From 30 April it is best to use the £50 featuring Matthew Boulton and James Watt http://t.co/CNXbZlkxuj

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From May, most banks and building societies will still allow customers to deposit the old £50 notes into their accounts.

ONS: House prices up 5.4% in year to November

The Office for National Statistics tweeted:

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UK house prices rose 5.4% in the year to November, down from a rise of 5.5% in October http://t.co/5ceu6oTkuU #inflation

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