Its heart rate will increase, too.
"The districtwide student attendance rate will increase from 94.6percentto95percentcent," he wrote.
The voluntary rate will increase by 20p an hour to £7.65 outside London.
That rate will increase in the next two years, he said.
Some analysts believe the redefault rate will increase sharply over time.
As a result, he hopes, Britain's long-run economic growth rate will increase.
"They won't do this radically, but the rate will increase from what it otherwise would have been".
Economists forecast that the report will show employers cut 654,000 jobs in March, and that the unemployment rate will increase to 8.5percentt, from 8.1percentt.
The markets believe the base rate will increase to 3% by 2018, with what the Resolution Foundation describes as "huge social and human cost".
On balance, the sharp drop in the exchange rate will increase the annual inflation rate at a time when the cost of living has been gradually rising anyway.
If it isn't, but reflects instead a stronger rate of productivity growth, then the real equilibrium interest rate will increase, as investment opportunities expand.
