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Bank of England more optimistic about 2014

Feb. 12, 2014 at 4:46 PM

LONDON, Feb. 12 (UPI) -- The Bank of England said Wednesday that the British economy was poised to grow 3.4 percent in 2014, significantly faster than its previous prediction.

In November, the BOE predicted the gross domestic product would grow 2.8 percent this year, the Wall Street Journal reported.

The BOE accelerated other projections, as well. The central bank forecast the unemployment to drop to 7 percent this year, more than two years ahead of a forecast made in August, the Journal said.

In August, the central bank said policymakers would use 7 percent unemployment as a guidance for raising interest rates, which have been set at historic lows to keep lending affordable during the economic recovery.

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