Good news on interest rates, growth and jobs

Interest rates are set to remain at a record low, according to the Bank England today.
In good news for homebuyers and people seeking a mortgage, the Bank Governor Mark Carney said that the 0.5 per cent rate was like to stay in place for ‘some time’.
The revelation came as he delivered the Bank’s latest inflation report today although he wouldn’t speculate on experts’ predictions that rates would rise next Spring.
He also kept forecasts of GDP growth at 3.4 per cent for this year although he upgraded figures for next year from 2.7 per cent to 2.9 per cent.
Mr Carney said: “As time has moved on and the recovery has been sustained, the economy has edged closer to the point at which Bank rate will need gradually to rise.
“The exact timing will inevitably be the subject of considerable speculation and interest.”
He said the answer would depend on the progress of the economy and in particular the measure of spare capacity in the economy and the inflation outlook.
Mr Carney also revised the Bank’s predictions on unemployment. He said that the rate was likely to fall to 5.9 per cent in two years.
This came after separate figures from the Office for National Statistics which revealed more good news.
They showed that the unemployment rate was 6.8 per cent in the quarter to March – a five year low – following record quarterly employment growth.
Visit www.ons.gov.uk/ons/index.html and www.bbc.co.uk and www.bbc.co.uk/news/business/ for more in-depth analysis.

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