Bank of England downgrades growth forecast and warns of interest rate hike by spring | Mail Online
The Bank of England today downgraded its growth forecast for the UK and braced households for an interest rate hike as early as the spring.
It predicted that growth in 2011 will be weaker than previously estimated but reassured that a double-dip recession was unlikely as growth is set to resume following the shock contraction at the end of 2010.
The Bank's quarterly report confirmed inflation is expected to soar close to 5 per cent before falling to around the 2 per cent target in 2012 - but only if interest rates rise at least twice by the end of the year.
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