The Bank of England raised its key interest rate by a quarter of a percentage point to 4.5% on Thursday and Governor Andrew Bailey said the British central bank would “stay the course” as it seeks to curb the fastest inflation of any major economy.<\/p>\n\n\n\n
The central bank is no longer predicting a recession after it revised up growth forecasts from the gloomy projections it released in February, the biggest such improvement since it first published forecasts in 1997.<\/p>\n\n\n\n
But it also now expects inflation – which remained above 10% in March – to be slower to fall than it had hoped, mostly due to unexpectedly big and persistent rises in food prices. It also saw stronger wage growth than it previously thought.<\/p>\n\n\n\n
A Reuters poll last week showed most economists expected a quarter-point rise in May – taking borrowing costs to their highest since 2008 with its 12th consecutive rate rise – and for the BoE to keep rates on hold after that.<\/p>\n\n\n\n
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