Bank opens door to doubling interest rates

The Bank of England has upgraded its forecasts for the economy and opened the way to doubling interest rates this year, boosting the pound. GDP should grow by 1.8 per cent over the next 12 months, the Bank predicts, an upgrade from the previous forecast of 1.7 per cent. Wage growth is picking up at last and the surge in global growth is lifting exports and investment. Business, page 1