Budget Economic and Fiscal Update 2016 - B.3 - The Treasury
One further 25-bps OCR reduction is assumed to occur in 2016, and short-term interest rates are expected to remain low over 2016 and 2017. The exchange rate is assumed to fall over the remainder of 2016, driven by a depreciation against the US dollar as US monetary tightening continues. Forecast judgements regarding inflation expectations ................
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