Bank of England Governor Mark Carney on Tuesday defended the bank's forward-guidance framework on interest rates, saying it has contributed to the strength of the labor market. In testimony to the Treasury Committee, the BOE chief was asked about his "bait and switch" tactics on forward guidance, in reference to the bank's latest revamp of the framework. Carney explained that the guidance was well understood by businesses, which contributed to the improvement in employment. He argued that it was not a bait-and-switch because the bank was doing exactly what it said it would do. "I have no regrets that we're sitting here in March with more than half a million more people in work," Carney said. The central bank#s forward guidance laid out in August linked future interest-rate hikes to the unemployment rate, but after a better-than-expected improvement in the labor market, the bank said in February it would focus on a wider range of indicators