The Bank of England lifted its estimate for economic growth and forecast inflation to return to its 2 percent target earlier than projected.
The BoE forecast economic growth to accelerate to 0.5 percent in the second quarter from 0.3 percent in first quarter of 2013.
However, the recovery is likely to remain weak by historical standards, the bank said in its quarterly Inflation Report. This is the last quarterly report from Governor Mervyn King as he retires at the end of the next month.
The central bank projects inflation to be around 2 percent in two years' time and to average below 2 percent during the latter part of the forecast period.
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June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.