Sterling climbs as MPC members back Carney's forward guidance

The pound was up 0.4% against the dollar and 0.3% against the euro shortly after the announcement, while the yield on 10-year gilts rose 3.2 basis points to 2.63%. The currency strengthened after it emerged eight out of the nine MPC members voted in favour of the policy shake-up, which last week saw the Governor indicate to the market how long he intends to hold the base rate at a record low. Carney (pictured) announced rates will not rise until the unemployment rate falls back below the 7% mark. It is currently near 8%. The minutes of the meeting held on 31 July and 1 August also ...