The Banks outlook for growth will also play a key role in determining when policymakers start to withdraw monetary stimulus, and so far it has maintained there is enough slack in the economy to keep inflation in check further down the line.
The central bank will almost certainly have to revise down its near-term forecasts for GDP from November because of the shock 0.5pc quarter-on-quarter decline in economic output in the final three months of 2010.
The contraction was mainly due to heavy snowfall in December, and there are signs that activity rebounded quickly in January.
But the Bank may still have to lower its medium-term outlook for growth, lessening the urgency for the MPC to take action on inflation.
The Banks modal projection for year-on-year GDP growth in the fourth quarter of 2010 was 3.05pc - almost double a first official estimate of 1.7pc growth.
That said, most MPC members have clearly become more worried about the damage to credibility that is being wrought by the persistent overshooting of the inflation target, said Simon Hayes, economist at Barclays Capital.
In that case, the report will provide a vehicle to prepare financial markets, firms and households for a rate hike, probably within the next few months.
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