On February 12th, the BoE’s Governor Mark Carney said the Bank would no longer tie its future policy decisions to any particular economic indicator and hinted that interest rates may need to start rising only in the second quarter of 2015.
Despite strong growth in 2013, the UK GDP is still below its pre-crisis peak. But industrial production rose more than forecast in February.
Unemployment remains above the 7 percent threshold and was recorded at 7.2 percent in the three months to January, unchanged from the previous period.
In February, the inflation rate slowed to a 4-month low 1.7 percent, the lowest rate since October of 2009, remaining below the BoE’s 2 percent target for the second straight month.