Andrew Bailey says that inflation is lower than the Bank of England “thought it would be”. The Bank’s governor adds: “We expect inflation to start falling more rapidly, probably from the late spring onwards.” However, the Bank has raised interest rates from 3% to 3.5% as there is a “pronounced risk” that it “won’t happen in that way”. Report by Jonesia. Like us on Facebook at http://www.facebook.com/itn and follow us on Twitter at http://twitter.com/itn
