Bank of England chief backs government spending cuts
The Bank of England has said that economic growth could be impacted by "substantial fiscal tightening", but has praised the new government's deficit reduction plan as"strong and powerful".
In its quarterly inflation report, the bank predicted that inflation - which stood at 3.4% in March - would remain above the 2% target for the rest of the year, but will then fall to below 2% for the following two years. Meanwhile the bank's forecast seems to suggest that interest rates will remain low for the foreseeable future.
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