The UK Economy: Forecast Summary

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National Institute Economic Review, 2018, vol. 243, issue 1, F2-F2

Abstract: GDP is forecast to grow by nearly 2 per cent this year and in 2019. Our forecasts have been revised higher since November. Annual consumer price inflation peaked at 3 per cent in the final quarter of 2017 and is forecast to ease back to the target rate of 2 per cent over the next eight quarters. We expect the Bank of England to continue normalisation by raising Bank Rate in May by 25 basis point steps and every six months after that until the policy rate reaches 2 per cent.

Date: 2018
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