BOE governor Mark Carney introduces 'forward guidance' on interest rates
Bank of England governor Mark Carney pauses during a press conference for the bank's quarterly inflation report in London on Aug. 7, 2013. (AP Photo/ Simon Dawson)
Published Wednesday, August 14, 2013 7:06AM EDT
LONDON -- Policymakers at the Bank of England were nearly united in their wish to implement plans by new governor Mark Carney to issue "forward guidance" on interest rates.
Carney introduced the concept last week, saying the bank probably won't raise its benchmark rate -- now at 0.5 per cent -- until the unemployment rate drops to 7 per cent.
Some 750,000 jobs would need to be created to hit that mark, which is not expected until 2016.
Policymakers hope to spur Britain's droopy recovery by giving businesses and consumers confidence that rates will likely remain low. Minutes to the latest meeting show only one member voted against, saying he disagreed on how it would be implemented.
Meanwhile, the Office of National Statistics said Wednesday that unemployment held steady at 7.8 per cent last month.