No immediate need to hike rate: BoE Gov

Bank of England (BoE) governor Mark Carney has said there is "no immediate need to increase interest rates". He told BBC Newsnight the case for a rate rise would be examined in next month's inflation report, but that it was important to look at the whole labour market, not just one indicator. On Wednesday, the jobless rate fell to 7.1 per cent, close to the 7 per cent at which Mr Carney said he would consider a rise. He also said the change, when it comes, would be very gradual. Mr Carney was asked whether it was a problem that the unemployment rate had come down so much faster than the Bank of England had been expecting. The Bank was not expecting the rate to fall to 7 per cent for another two years, according to a news agency.