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Bank of England revises economic growth forecasts

  • The Bank of England upgraded its economic growth forecast on Wednesday.

    The Bank's governor, Sir Mervyn King, expects inflation to drop to its target of 2 percent within two years.

    Meanwhile, economic growth this year is expected to be higher than 1 percent. That compares to the Bank's previous estimate of 0.9 percent.

    The Bank of England offered its revision on the same day that separate figures indicated that UK unemployment had risen by 15,000 in the first quarter to 2.52 million.

    However, the number of people claiming Jobseeker's Allowance was down by 7,300 to 1.52 million.

    Tagged as: Bank of England, economic growth forecasts, Business news, economic growth