The Bank of England’s (BoE) February Inflation Report painted a positivepicture with respect to the momentum in the UK economy. For the fifthconsecutive Inflation Report, the BoE upgraded its forecasts for 2014 UKgrowth (chart 1). The BoE now expects the UK economy to grow by3.4% over the 2014 calendar year. This is up from 2.8% projected inNovember 2013. This would be up from 1.9% in 2013, and if realisedwould be the fastest pace of annual growth in the UK since 2007.
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Commonwealth Bank