Bank of England Governor, Mark Carney, speaks during the central bank's quarterly Inflation Report press conference in London, Britain August 2, 2018. Daniel Leal-Olivas/Pool via Reuters
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The Bank of England pushed interest rates above their financial crisis lows Thursday, but signaled it was in no hurry to raise them further as Britain heads for Brexit next year with no clear plan for leaving the European Union.That was a fraction lower than a projection of rates of 1.2 percent the last time the BoE published forecasts for the economy in May.The central bank said inflation in two years' time was likely to be 2.09 percent, above the BoE's 2 percent target. It also expected Britain's economy would grow by 1.4 percent this year, unchanged from its forecast in May, but it nudged up its 2019 forecast to 1.8 percent from 1.7 percent. It also fleshed out its thinking on how far it is likely to go with its planned rate hikes by publishing a new long-term forecast for what it called Britain's trend real interest rate, or "R," of zero to 1 percent, more than 2 percentage points below its prefinancial crisis level.
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