Bank of England hints at slow rate hikes as growth outlook raised

The Bank of England signalled that it’s in no rush to raise interest rates despite stronger economic growth, as policymakers stayed united on the need to keep borrowing costs on hold for now. In an upbeat set of forecasts, Governor Mark Carney and his colleagues upgraded their expectations for growth, saying unemployment will fall further and the economy will generate more excess demand than previously predicted. Yet the Monetary Policy Committee cut its inflation outlook.