Prospects for the UK economy

| Publication date: 7 Feb 2018 | Theme: Macroeconomics | NIESR Author(s): Amit Kara; HantzscheA; LennardJ; CLenoel; MLopresto; Rebecca Piggott; CThamotheram; Young, G | Journal: National Institute Economic Review Issue 243 | Publisher: Sage Publications, London
  • 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.

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