Bank of England upgrades economic forecast, sees 7% unemployment by Q3 2014

|By:, SA News Editor

The Bank of England says unemployment may hit 7% in Q3 2014, suggesting the central bank may raise rates much sooner than expected.

Updated growth expectations: 2013, 1.6% versus 1.4% previous; 2014, 2.8% versus 2.5% previous.

The pound jumps 0.42% against the dollar on the news.

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