Chancellor George Osborne has dismissed claims that the Bank of England policy of providing forward guidance has failed as "laughable".
Mr Osborne told Channel 4 News: "I think that is completely wrong. The idea that it is a failure because your unemployment rate is falling is laughable.
"The credibility of the Bank of England, of the British Government's economic policy is clear there in the markets."
Bank of England Governor Mark Carney hasn’t quite abandoned forward guidance although, he has said it’s going to have to “evolve”.
The Bank of England Governor has stepped in to try to reassure borrowers that interest rates will stay at very low levels for "some time”.