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Bank charges: inflation expected to rise

Inflation is expected to rise to three per cent by summer according to the Bank of England’s quarterly report, which is released today.

The Bank’s monetary policy announced in a statement last week that it expected inflation to rise and would stay above its two per cent target for the next two years. This news comes in spite of the Bank’s November quarterly inflation report which said that towards the end of this year it would fall back to two per cent.

Should inflation rise a full per cent above the target then future Bank of England governor Mark Carney, due to replace Sir Mervyn King in summer, will need to explain to the chancellor why this is.

Growth is also expected to be weak in the early part of the year as the UK economy shrank by 0.3 per cent in the last quarter of 2012. However, Sir King said that he expects that the economy will see a slow recovery due to more financial services becoming available such as the Funding for Lending scheme.

Charles Baker

Charles is a reputed financial analyst with decades of experience under his belt.ADNFCR-2776-ID-801539857-ADNFCR

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