The Bank of England has warned that inflation was set to rise this year, hitting 4 per cent in the Autumn, much higher than it was forecasting just three months ago. (Subscribe: https://bit.ly/C4_News_Subscribe)

Despite the spike, the Bank remains determined to keep interest rates at just 0.1 per cent, though it's now talking of a "modest tightening" over the next two years, in plain English that's interest rates going up a bit, perhaps to 0.5 per cent.

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