BoE: Rates may need to rise more than markets currently imply
|The Bank of England BoE believes the interest rates need to rise more than the marktes currently imply. The forecast expects 2 rate hikes over next 3 years.
Key points
UK economy will remain sluggish
GDP forecast revised lower to 1.7% in 2017 and 1.6% in 2018
Currency depreciation effect seen having continued upward influence on inflation
Inflation will peak at about 3% in October, will slow to 2.2% in 2020
The bank has eased slightly by adding GBP 15 billion to TFS
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