Growth bounces back to pre-crisis heights

Figures out this week will indicate that UK growth has recovered to rates not seen since the onset of the financial crisis. The first estimate of output for the three months to December is expected to conclude that it was 2.8% higher than a year earlier. While recent data indicates that growth has been patchy, with industrial production stagnating, services industries are thought to have expanded strongly. Speaking at the World Economic Forum in Davos, Bank of England governor Mark Carney said the Bank would look at underlying inflation, stripping out the effect of volatile commodity prices, in setting interest rates. 'We have a very low inflation environment right now, largely caused by commodity prices,' he explained. 'We have the ability to look through that. We will return inflation back to target within the two-year horizon.'


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