UK central bank raises growth forecasts, says rates need to rise faster

London

THE Bank of England (BoE) said on Thursday interest rates probably need to rise sooner and by a bit more than it thought three months ago, after it raised its growth forecasts for Britain due to the strong global recovery.

The BoE's rate-setters voted 9-0 to hold Bank Rate at 0.5 per cent, as expected in a Reuters poll, giving them time to assess how the world's sixth-biggest economy copes with the approach of Brexit.