Bank of England governor Mark Carney
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Davos 2014: Mark Carney rules out immediate interest rate rise

23 January 2014 Last updated at 18:02 GMT

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."

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