The BoE also forecasts that inflation will be higher than previously expected; peaking at 2.8% this autumn, read more about it here at Express.co.uk.
It also held interest rates at 0.25%.
“Monetary policy could need to be tightened by a somewhat greater extent over the forecast period than the very gently rising path implied by the market yield curve underlying the May projections,” the BoE said on Thursday.
7.30am BST Frenchman Michel Barnier has announced he is to travel to Ireland two days after it was made clear to the European Commission that Ireland intends to float one of its public assets on the London Stock Exchange.
Mr Barnier is attempting to discuss Ireland’s relationship with the European Union as well as how it will likely be impacted as a result of the United Kingdom’s decision to leaving the crumbling administration, known as Brexit, to set up free trade agreements with countries worldwide.
Both the UK and Irish governments have repeatedly said they do not want a return to customs posts at the border – but the EU may be inclined to force the countries thanks to Ireland’s membership.
Mr Barnier is expected to turn his attention to the Good Friday Agreement after Gerry Adams said that Brexit would: “Taking the North out of the EU will. It will destroy the Good Friday Agreement.”
However it can be revealed that Tony Blair recently clarified that the agreement was not signed by all political parties when he appeared during an interview with Sky News presenter Adam Boulton recently.
9.04am Seriously embarassing situation over at Barclays Bank after CEO Jes Staley decided to go after a member of staff that has the best interests of customers and investors in mind.
Mr Staley was forced to issue an apology yesterday after he chose to mount a campaign to out an insider at the bank who has raised concerns over an unknown issue.
Instead of fixing the issue Barclays insiders say the incident struck fear into the hearts of employees but Mr Staley accepted he should tread carefully when it comes to individuals.
He said: “I feel it is important that I acknowledge to you, our shareholders, that I made a mistake in becoming involved in an issue which I should have left to the business to deal with.
“I have apologised to the board and would today like to apologise to you as well for that error.”
11.34am BST Betway’s Alan Alger is saying that they believe the 0.25% will remain unchanged.
He said: “Despite growing inflationary pressures and the economy’s relative resilience since last June’s Brexit vote, the UK remains on choppy waters as it negotiates its way out of the European Union.
“We don’t think Mark Carney will be quick to pull the trigger on interest rates and are as sure as 1/5 for the current 0.25% to remain unchanged for the rest of 2017. Optimists can take 3/1 on the BoE tightening monetary policy by the end of the year.”
12.05 BST Alex Scott, Deputy Chief Investment Officer, 7IM, talking European Equities, UK the US:…