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Bank of England freezes rate, hikes growth forecast

The Bank of England has voted to leave its main interest rate at a record-low 0.50 percent in the face of zero inflation, it said Thursday. At the same time, the BoE raised its forecast for British economic growth this year to 2.8 percent from a previous estimate of 2.5 percent. Despite the central bank maintaining the key rate, governor Mark Carney insisted that the time for a hike is moving closer.

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