Bank raises growth forecast

The Bank of England upgraded its growth forecast for 2013 from 1.4% to 1.6% today and announced "the recovery has finally taken hold". The moves comes after government figures showed unemployment had fallen by 48,000.

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Two-thirds of Brits 'expect interest rates to rise by 2015'

Two-thirds of the British public expect interest rates to rise by 2015, according to the latest ITV News Index carried out by ComRes.

Of the 2,053 adults surveyed:

  • 4% thought interest rates would rise by the end of the year
  • 37% said it will happen in 2014
  • 25% opted for 2015
  • 7% believe it will take place in 2016
  • 5% felt it will be in 2017 or later
  • 23% said they did not know

Earlier today, Governor Mark Carney said the Bank of England will consider making changes to interest rates when the UK's unemployment rate reaches the 7% threshold - it was 7.1% in September.

Mr Carney said there was a "two in five chance" that the unemployment rate will make that threshold by the end of next year.

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