The Bank of England has revealed that despite positive UK economic predictions and a fall in unemployment rates, the bank has no intentions to raise interest rates.

Paul Fisher, Bank of England's Executive Director for Markets, revealed that despite unemployment rates failing to 7.1 per cent, just 0.1 per cent off the required number necessary for a rise in interest, the bank had no plans to implement a sudden raise.

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Minutes from a recent policy meeting revealed that: “Members therefore saw no immediate need to raise Bank Rate even if the 7 percent unemployment threshold were to be reached in the near future”.

The reluctance to raise interest rates follows advice from the IMF, which urges banks to avoid raising interest rates in fear cutting off economic growth.

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