TNBiz (TNBiz)
Macroeconomics  |  December 20, 2010 12:30:10

CBI: The British central bank will raise key interest rate already in spring 2011


Mediafax

LONDON (MEDIAFAX) - Britain's economy in the first quarter of next year will grow by 0.2 percent, considers the Confederation of British Industry (CBI). In her view, the local central bank increases key interest rate in the first half of 2011, reported on Monday, Reuters and BBC.

CBI, in its reduced forecast estimate of the British economy since the original estimate had to do better by 0.3 percent. The main reason for revision of an estimate is primarily redundancies in the public sphere and higher inflation than expected. These factors will lead to slower economic recovery.

In the second quarter of the then British gross domestic product (GDP) should grow by 0.4 percent.

The Confederation also means that the central bank will begin in the spring "normalize" monetary policy. Gradually begins to slowly increase the key interest rate, which is now moving at a record low 0.5 percent. In the fourth quarter of 2012 should reach 2.75 percent.

Analysts polled by Reuters expect the same time that the central bank starts to raise interest rates sooner than in the fourth quarter of next year. By the fourth quarter of 2012 would be a major rate increase to two percent.

Simone Radacicova, radacicova@mediafax.cz

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CBI: Britská centrální banka začne zvyšovat hlavní úrokovou sazbu již na jaře 2011

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