Expectations for inflation in Britain remained unchanged in December, despite the recent rise, figures from the Bank of England show.
The Times reports consumers expect inflation to rise to 2.4% next year, according to the Bank's key survey, matching expectations in the Bank's surveys in August and May this year.
The Bank's target measure of CPI inflation - up from 1% to 1.9% since September - is expected to climb to more than 3% in January as base effects from last year's drop in oil prices and the return of VAT from 15% to 17.5% filter through.
But the rise is expected to be temporary, with weak consumer demand weighing on price pressures. The Bank has forecast that inflation will be about 1.4% at the end of next year. Read more
A SENIOR Bank of England official says bankers moving overseas to avoid the bonus supertax could be a price worth paying to achieve lasting reform of the sector.
Andy Haldane, the Bank's head of financial stability, also said that banks had become too big and was sharply critical of a culture where bankers could take huge risks in the knowledge that the taxpayer would bail them out.
His comments underline the gulf between Threadneedle Street and the City over how to deal with the fallout from the financial crisis. Read more
PUBLIC BORROWING in Britain hit a record £20bn in November, reports the Guardian, taking the country's net debt to 60.2% of GDP - the highest on record.
The Office for National Statistics said public sector net borrowing rose to £20.3bn last month, the highest for any month since records began in January 1993. However, it was below City forecasts of £23bn.
Last week Alistair Darling revised up his prediction for government borrowing this fiscal year to £178bn from £175bn. Read more
THE CRISIS-HIT Irish Republic climbed out of recession in the third quarter, reports The Times, leaving the UK, with Spain and Greece, as one of the few countries yet to return to economic growth.
The gross domestic product of the country once dubbed the Celtic Tiger rose by 0.3% cent in the third quarter - its first economic growth since the beginning of 2008.
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