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16/05/2002
'Recovery is under way' says Bank of England
The latest Bank of England quarterly inflation report has shown strong signs that the UK economy has passed the low-point of the recession and is on the road to recovery.
The quarterly report stated that "there are signs that recovery is under way". However, the Bank of England balanced its buoyant message by warning that there are "considerable uncertainties" in the economy that could yet depress the markets. However, the broad outlook is good for the future.
"Present indications are that the last quarter of 2001 was the trough of the current cyclical slowdown," the report said.
The report continued: "World output appears to have grown somewhat faster in the first quarter than was expected in the February report."
The Bank said that there was "significantly stronger" growth in GDP in the second quarter which reduced inflationary pressures.
The news will be welcomed by homeowners who are enjoying the lowest interest rates for a generation. The quarterly findings should push back the interest rate rises which many analysts predicted would be made next month.
The report also endorsed many of the measures proposed by Gordon Brown in his April budget.
The Bank said: "There are signs that investment in pensions may be starting to revive in the services sector, while substantial increases in public sector capital spending are also planned."
Apart from February's aberration, the inflation rate is still on target to match government target of 2.5% for the year.
(GMcG)
The quarterly report stated that "there are signs that recovery is under way". However, the Bank of England balanced its buoyant message by warning that there are "considerable uncertainties" in the economy that could yet depress the markets. However, the broad outlook is good for the future.
"Present indications are that the last quarter of 2001 was the trough of the current cyclical slowdown," the report said.
The report continued: "World output appears to have grown somewhat faster in the first quarter than was expected in the February report."
The Bank said that there was "significantly stronger" growth in GDP in the second quarter which reduced inflationary pressures.
The news will be welcomed by homeowners who are enjoying the lowest interest rates for a generation. The quarterly findings should push back the interest rate rises which many analysts predicted would be made next month.
The report also endorsed many of the measures proposed by Gordon Brown in his April budget.
The Bank said: "There are signs that investment in pensions may be starting to revive in the services sector, while substantial increases in public sector capital spending are also planned."
Apart from February's aberration, the inflation rate is still on target to match government target of 2.5% for the year.
(GMcG)
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Northern Ireland WeatherToday:Some low cloud lingering in the north and west through the day, although cloud should burn back to the coast as the day goes on. Elsewhere some good sunny spells with very little cloud. Warm with light winds. Maximum temperature 22 °C.Tonight:A sunny evening for most except where cloud lingers along the north coast. Cloud will increase for a lot of areas overnight with mist and fog patches developing. Minimum temperature 7 °C.
