LONDON: Bank of England Governor Andrew Bailey said investors should not read any signals into the BoE starting work on new guidance for how it might scale back its stimulus for the economy, but it was important to think about the issues now.

"There is no signal here, this is another toolbox issue," Bailey told reporters.

"The simple point I'd make is this: the last time the committee considered this question, if my memory serves me right, was in 2018. The world has changed a lot since 2018."

Earlier on Thursday the BoE said its policymakers had asked staff to start work "to reconsider the previous guidance on the appropriate strategy for tightening monetary policy should that be required in the future."