The Bank of England indicated that interest rates may need to rise in just over a year on Wednesday after sharply revising up its forecasts for economic growth over the next three years. In a quarterly update to its economic forecasts, the central bank said interest rate increases in line with current market expectations appeared to be consistent with keeping inflation close to its 2 percent target. The Bank said markets priced in a first rate rise in the second quarter of 2015. It stressed that interest rate rises would be gradual, and that the ultimate level of British interest rates was likely to end up well below ... (full story)