The Bank of Enlgand will be reluctant to change its stance on interest rates until the impact of rising energy prices and wage setting behaviour become clearer, says the Confederation of British Industry.

Ian McCafferty, chief economic advisor at CBI says: “Recent, more positive, messages from the high street and the housing market may also provide food for thought.

"But, if the better than expected inflation news continues and until the recent retail rally proves sustainable, the Bank needs to remain sensitive to the underlying fragility of the market."

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