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Financial News: Bank Of England's Policy Rate To Peak At

Bank Of England's Policy Rate To Peak At 2%: NIESR

11/01/2017 - 01:16:00 (RTTNews)

(RTTNews) - The National Institute of Economic and Social Research said the Bank of of England is set to lift the policy rate by 25 basis points this month and again every six months until it reaches 2 percent.

The think tank downgraded its UK growth outlook, to 1.6 percent in 2017 and 1.7 percent in 2018.

The downward revision to growth forecast primarily reflects a more negative view about the productivity prospects of the economy. As previously expected, net trade would make a substantial contribution to GDP growth, NIESR said.

The institute forecast the inflation to peak at 3.2 percent in the fourth quarter of 2017 before easing back to the target rate of 2 percent in the second half of 2019.

The projection for inflation was broadly unchanged from August despite weaker profile for GDP growth. The major reason is lower productivity and a faster rate hiking cycle by the BoE.

The think tank noted that observed that Brexit negotiations are complex. Negotiations for the withdrawal from the EU started in June and although they are well under way, progress is slow.

According to the average of the three largest betting companies, there is more than a two in three chance of an early election before 2022, think tank said.

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