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Bank charges: Inflation to reach 5%

According to the Bank of England (BoE), inflation could reach five per cent over this year and next, which may come as worrying news to those having trouble with bank charges.

The BoE released its quarterly inflation report, revealing its predictions for inflation and economic growth over the next two years.

It claims that inflation will remain above the two per cent target for the whole of next year.

Andy Scott, premier account manager at foreign currency brokers HiFX commented on the report.

He said: "Today's report, whilst far from revelatory has perhaps got some economists and forecasters to revisit just how negative they are on the UK economy.

"Whilst compared to the years prior to the financial crisis the economy remains depressed, recovery is as expected following a historically devastating banking crisis."

The BoE's Monetary Policy Committee recently voted to keep the official Bank Rate at 0.5 per cent.

Charles Baker

Charles is a reputed financial analyst with almost decades of experience under his belt.

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