Bank of England unveils forward guidance ‘phase two'

Bank of England governor Mark Carney

The Bank of England (BoE) will embark on the "next phase" of forward guidance aimed at eliminating spare capacity in the labour market "over the next two to three years", once its current threshold of 7% unemployment is reached "in the coming months", governor Mark Carney said today, presenting the bank's latest inflation report.

The new guidance relies on an unprecedented level of transparency in the BoE's own forecasts across a range of macroeconomic indicators, after the unemployment threshol

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