Mark Carney, the governor of the Bank of England is set to unveil new guidance for setting interest rates on Wednesday.

The central bank under his leadership has indicated that the bowing costs will be maintained at lower levels until strong growth returns to the economy. Carney is aiming to convince investors and businesses that the interest rates will not be increased until the economy returns to a strong growth trajectory.

George Osborne has asked the central bank to review the Bank's remit to maintain inflation at 2 per cent and consider if a larger criteria will allow the monetary policy committee (MPC) to consider more measures while setting interest rates. Carney has indicated that the central bank will not increase interest rates until some targets are met suggesting that the liberal monetary policy will remain intact in the country for some time.

The minutes from the latest meeting of the central bank’s Monetary Policy Committee showed that all the members voted against more quantitative easing. The central bank is aiming to keep its £375bn asset-purchase programme on hold following all its members including new Governor, Mr Carney as well as Paul Fisher and David Miles, who earlier voted in favour of more stimulus, expressed their vote against additional stimulus.