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The Bank of England raised its near-term inflation forecast and its assumption of how much of the UK's involuntary savings built up to the Covid-19 pandemic would be spent.
Inflation is now shown peaking at 2.5 percent in Q4 2021 before returning to hold close to target in the second and third years of the forecast, with the latter parts of the forecast not indicating any pressing need for a policy tightening.
The BOE also raised its assumption of the share of involuntary Covid related savings that would be spent to 10% from 5% -- a figure still far below that suggested recently by outgoing Chief Economist Andy Haldane.