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LONDON — The Bank of England on Wednesday abandoned its six-month-old strategy of pledging to consider raising interest rates only when unemployment falls to 7 percent, saying it would now take a range of factors into account.
Mark J. Carney, the governor of the Bank of England, also stressed that higher interest rates were still some way off and that any increase would be gradual. The central bank also raised growth forecasts for 2014 again, predicting 3.4 percent economic growth rather than the 2.9 percent expected in November.
Overhauling his “forward guidance” strategy, Carney said that decisions on a rate increase would now be linked to a broader range of factors, including spare capacity in the economy, labor productivity and wage growth.