Mark Carney: Financial institutions 'have to change culture'

The Bank of England governor Mark Carney has told the BBC that he wants to see a "change of culture" in British financial institutions, so they become focussed on "the real economy".

Speaking on the Today programme he told Evan Davis he would work to "snuff out" the attitude that had seen products mis-sold in the past.

Mr Carney said both the economy and society would benefit if that happened.

On Wednesday, the governor announced that the Bank will not consider raising interest rates until the jobless rate has fallen to 7% or below.

He also explained that he was "trying to strike the right balance" between financial recovery and financial stability.

"The focus of finance has to be on the real economy and society... what it does for businesses and jobs," he added.

First broadcast on BBC Radio 4's Today programme on Thursday 9 August 2013.