The Bank of England will give a clear signal on Wednesday that interest rates are likely to rise before next year’s general election.
With the UK on course to be the fastest growing major economy this year, the Bank’s Governor, Mark Carney, is expected to endorse market expectations of a rate rise in the first quarter of 2015, three months earlier than had been forecast in February.
The Organisation for Economic Co-operation and Development said on Tuesday that Britain was settling into a period of “above-trend” growth, and the Bank could raise its growth forecasts for 2014 and 2015 from its current projections of 3.4pc and 2.7pc.
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