King Declares U.K. Recovery Is in Sight as Outlook Raised

Bank of England Governor Mervyn King declared a U.K. recovery is now “in sight” as he presented his final forecasts with an improved outlook for the economy.

In the central bank’s quarterly Inflation Report and King’s last before he retires in July, officials predicted that growth may accelerate to 0.5 percent this quarter from 0.3 percent in the first three months of the year. They also raised projections for the next three years. On inflation, the central bank sees it peaking at 3.1 percent in the third quarter of this year, lower than expected in February.