Supportive monetary policy has worked, says Osborne

George Osborne thinks supportive monetary policy has done its job and data has shown that it works.

Speaking on The Future of Monetary Policy panel at Davos, the chancellor said that the success of monetary policy "confounds" its opponents who said that other things were needed.

Osborne described the UK's recovery as income generated, not debt fuelled. But he does identify a big challenge for policy makers in the UK to achieve a handover to investment and exports - with a huge amount to be done.

Speaking on the possibility of an imminent Bank of England rate hike, Osborne said that he wasn't Bank governor Mark Carney's boss. He also repeated that a seven per cent unemployment rate is a threshold, not a trigger, for the Bank of England.