VIDEO: Bank raises economy growth forecast

The Bank of England upgraded its growth forecast for 2013 from 1.4% to 1.6% on Wednesday (November 13) and announced “the recovery has finally taken hold”.

The Bank of England predicts gross domestic product (GDP) improving by 0.9% in the current quarter of the year and has lifted its outlook for next year from 2.5% to 2.8%. Unemployment is not expected to fall to a key threshold of 7% before the end of 2016 but the chances of it reaching that level sooner have increased, according to the Bank’s quarterly inflation report.

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