LONDON (AP) ― The Bank of England’s new Gov. Mark Carney sought to spur Britain’s sluggish recovery Wednesday when he said the central bank will not consider raising its record low interest rate until unemployment falls below 7 percent.

In a significant change of policy for the Bank of England, Carney outlined the bank’s “forward guidance” in one of the most closely watched press conferences by the U.K.’s monetary authority.

With the current U.K. unemployment rate at 7.8 percent, the economy would need to create about 750,000 new jobs ― something the bank feels won’t happen until 2016 ― before the benchmark interest rate is increased from the current 0.5 percent. 

Unveiling a tool he first used as governor of the Bank of Canada, Carney said it was “exactly the time,” to give such forward guidance ― stressing that this was a critical moment for policymakers because the U.K.’s economy was still performing below par.

“It is the weakest recovery on record,” he said and deadpanned that “records go back 100 years.”

The bank joins the U.S. Federal Reserve and the European Central Bank in providing guidance on its interest rate policies. Carney’s policy has also been attributed in helping stimulate spending and economic growth in Canada.

The new governor used simple language to put over his ideas to the public, suggesting that if people know interest rates will remain low they will be more likely to borrow and thereby help stimulate the economy.