Bank of England's Growth Upgrade Defended Amid Communication Error and Caution Risks.

Bank of England Governor Andrew Bailey defended the bank's biggest-ever upgrade to its UK growth forecast, saying it reflected the rapidly shifting economic landscape. Bailey acknowledged that the bank should do a better job at communicating and that the wording is critically important. The bank raised interest rates by 25 basis points to 4.5% and maintained its commitment to tackling price rises. The headline consumer price index rose by an annual 10.1% in March, driven by persistently high food and energy bills.