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 BANK TO CUT UK GROWTH FORECAST
Bank of England cut its growth Sunday February 7,2010 By Tracey BolesTHE Bank of England is set to cut its growth forecasts for the UK economy in 2010 and raise its inflation expectations in the wake of recent economic data.
The forecasts will be published in this week’s quarterly inflation report for February, which will be closely scanned for further insights into the likely future course of monetary policy. Howard Archer, chief UK economist at think tank Global Insight, said: “We suspect that compared with November the central bank will have cut its growth forecasts for 2010 at least and raised its consumer price inflation forecasts. Certainly, gross domestic product growth of 0.1 per cent quarter-on-quarter in the fourth quarter of 2009 was significantly less than the Bank of England had anticipated. “Meanwhile, the spike up in consumer price inflation to 2.9 per cent in December was markedly more than expected.” Economists have warned that inflation could top 3 per cent this year. However, the Bank’s monetary policy committee said last week that it might first dip below 2 per cent for a period.
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NO GROWTH
07.02.10, 7:43am
Yesterday was a typical English spring day here in Brighton; warm, not hot, dry, no wind, the sun shining and the birds singing. I cast off the odd clout. I have bulbs peeking through the soil in my garden, my roses are coming alive, England beat Wales at Twickers, but I have not found the "green shoots" Gordon Brown was promising us six months ago in spite of all the quantative easing spread on them over the past year. The Governor of the Bank of England states we are still in the mire, and half of Europe is in a state of collapse. All I see is the empty and boarded up shops, looking like missing teeth in the high street.
And my pub has closed down.
• Posted by: albert9rn • Report Comment
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