Davos 2014, day three: Business news and markets, live

Osborne says he is "not Mark Carney's boss". He says it is a mark of success that we're talking about raising rates, and that monetary policy has worked.

The only reason we're discussing what happens is because unemployment is falling fast. They (the Bank) have made it very clear it's not a trigger for action it's a threshold and there's not a need for an immediate rise. They've got an inflation report in February.

The Chancellor is then asked - is the UK in bubbly growth?

I'm the first to say the job is not done its not half done. It's income-generated consumption not debt-generated. We need to hand over to business investment and exports. There's a huge amount to be done to make sure we don't make the mistakes of the past.

08.00 We're kicking off with the first session today on the future of monetary policy. The speakers are:

• George Osborne, Chancellor of the Exchequer

• Larry Summers, US economist

• Haruhiko Kuroda, Governor of the Bank of Japan

• Geoff Cutmore, CNBC journalist (chairing the debate)

• Alexandre Tombini, Brazilian economist

• Thomas J Jordan, Head of Swiss national bank

Today is Britain Day at Davos - and all eyes on the Bank of England

07.20 Has Mark Carney U-turned on forward guidance - the promise to consider interest rate rises once unemployment passes a certain point?

The Financial Times seems to think so, declaring that the Bank of England is set to ditch its flagship policy . However, the picture is not so clear, as Kamal Ahmed explains:

Today is Britain day at Davos as David Cameron, George Osborne and Mark Carney take to the various stages at the World Economic Forum.

The Governor of the Bank of England faces the trickiest task. His speech at the CBI lunch will be watched and listened to closely after some interpreted last night's television interview as a "U-turn" on forward guidance.

The issue is the 7pc unemployment target, which Carney says is the "trip-point" to start considering possible interest rate rises. With unemployment already down at 7.1pc, the Governor has been trying to reassure those concerned that a rate rise in imminent the unemployment figure is only one of a range of economic indicators. As Stephen King of HSBC said yesterday, the threat of deflation might be just as important a consideration.

Those close to Mr Carney say "U-turn" is far too strong a description of what he is now saying about the UK economy being "in a different place". Today the Bank will need to get its message straight.

Messrs Carney, Cameron and Osborne are not the only big names on the agenda today, however. We also have Larry Summers, Bill Gates, Mario Draghi, Wolfgang Schauble, and Bono.

Agenda (times in GMT)

08.00 Economists debate China's prospects

08.00 The Future of Monetary Policy - George Osborne, Larry Summers, Haruhiko Kuroda

09.30 Special Address by David Cameron

10.00 Changing the Climate for Growth and Development - Featuring Al Gore, Bill Gates, Unilever chief executive Paul Polman and Ban Ki-Moon

10.30 Wolfgang Schauble on the outlook for Germany

11.30 Mark Carney speaks at CBI lunch

12.15 Inspiring a new generation debate - David Cameron, Bono, Prudential chief executive Tidjane Thiam

14.45 China's development - Wang Yi, Minister of Foreign Affairs

Top stories in the Telegraph

07.10 Here's what's leading the Business pages of today's Daily Telegraph

• Denise Roland reports on an about-turn by Mark Carney, the Governor of the bank of England, who has pledged there will be no “immediate” increase in interest rates as unemployment nudges closer to the 7pc threshold

• Meanwhile, George Osborne has told British business leaders they need to do more to improve their public perception , writes James Quinn

• And Katherine Rushton argues that BlackBerry still has a long way to go to improve its street cred .

Good morning

07.00 Good morning and welcome to our daily business and markets live blog on the third day of the World Economic Forum in Davos.

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