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Britain's thriving economy here to stay, says forecaster

The Institute for Fiscal Studies has predicted that strong growth and low inflation in Britain are here to stay as falling oil prices give the economy a 'shot in the arm'. The think tank said the UK economy was on course to grow at its fastest rate since 2006 this year, and predicted that low inflation and rising wages would drive the fastest increase in household spending power for over a decade. Growth is expected to be 3% in 2015, matching the expansion in 2006. Inflation is projected to remain close to zero for the rest of the year as oil prices, which have more than halved since their June peak, push prices down. Andrew Goodwin, senior economist at Oxford Economics, said Britain was returning to the steady rates of growth and inflation seen during the 1990s. He said subdued price growth and even deflation in the coming months would make it 'virtually impossible' for the Bank of England to raise interest rates this year.

 

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