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The UK economy is strong and growing faster than predicted, said Chancellor Gordon Brown in his Pre-Budget Report. He revised his 2006 GDP growth prediction up to 2.75% from the 2% to 2.5% anticipated in this year's Budget.
The acceptance of a faster economic growth rate will reduce the pressure on the Bank of England Monetary Policy Committee to raise interest rates.
However, UK inflation in October remained at 2.4% - well ahead of the 2.0% target that the Bank is supposed to maintain. Increases in university fees were offset by falling fuel prices.
Other economic highlights of the Chancellor's speech included: