'2 in 5 chance' of meeting jobless threshold by 2014 end

"The unemployment rate has fallen a little more than expected in August," Bank of England governor Mark Carney said, "and that is to be welcomed."

He said there was a "2 in 5 chance" of the unemployment rate reaching the 7% threshold by the end of next year.

At that point, the Bank of England Monetary Police Committee will consider changes to quantitative easing and interest rates.


Bank raises growth forecast

The Bank of England upgraded its growth forecast for 2013 from 1.4% to 1.6% today and announced "the recovery has finally taken hold". The moves comes after government figures showed unemployment had fallen by 48,000.