Bank of England deputy governor says focus on date of rate rise is misleading

Nemat Shafik says people should concentrate on economic path being taken in UK rather than fixating on when exactly interest rates will go up

Knowing precisely when interest rates will rise is not what really matters, a senior Bank of England official has said, as she insisted its system of "forward guidance" was not failing.

The Bank's latest forecast signalled the cost of borrowing may not increase for a year, despite the governor, Mark Carney, previously saying the decision would come into "sharper relief" by now.

Related: Fresh signs of slowdown will force interest rates rise to be put on hold

Related: Interest rate decision shows Bank of England doves still rule the roost