Davos 2014: Mark Carney rules out immediate interest rate rise

The governor of the Bank of England has told the BBC that there is "no immediate need to increase interest rates".

On Wednesday, the jobless rate fell to 7.1%, close to the 7% at which Mr Carney said he would consider a rise.

Speaking to BBC Newsnight's Jeremy Paxman, in a lengthy interview at the World Economic Forum in Davos, Mark Carney said: "It's really about overall conditions in the labour market, and that's what affects it."

Mr Carney added: "We wouldn't want to detract from that focus... by unnecessarily focussing too much on one indicator."