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BoE makes interest rates pledge

Interest rates will remain at their historic low of 0.5% until unemployment falls below 7%, subject to inflation remaining under control, Bank of England Governor Mark Carney has said.

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Chancellor agrees with use of forward guidance

In a letter to the governor of the Bank of England, the Chancellor wrote:

Given the exceptional economic challenges continuing to face the UK economy, I agree with you that forward guidance can play a useful role in enhancing the effectiveness of monetary policy and thereby supporting the recovery.

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