Forward guidance: Mark Carney moves the goalposts

Bank of England governor Mark Carney has replaced the emphasis on unemployment with a broader focus on nurturing the recovery.

Bank of England governor Mark Carney has been forced to ditch his forward guidance' policy. Last summer, he warned the nation that he would only consider raising interest rates once unemployment had fallen to 7%.

At the time, that level seemed laughably distant yet a rapid rebound in the UK economy has seen the jobless rate plunge so fast that it is already nearly at 7%.

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Andrew Van Sickle
Editor, MoneyWeek

Andrew is the editor of MoneyWeek magazine. He grew up in Vienna and studied at the University of St Andrews, where he gained a first-class MA in geography & international relations.

After graduating he began to contribute to the foreign page of The Week and soon afterwards joined MoneyWeek at its inception in October 2000. He helped Merryn Somerset Webb establish it as Britain’s best-selling financial magazine, contributing to every section of the publication and specialising in macroeconomics and stockmarkets, before going part-time.

His freelance projects have included a 2009 relaunch of The Pharma Letter, where he covered corporate news and political developments in the German pharmaceuticals market for two years, and a multiyear stint as deputy editor of the Barclays account at Redwood, a marketing agency.

Andrew has been editing MoneyWeek since 2018, and continues to specialise in investment and news in German-speaking countries owing to his fluent command of the language.