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08/08/2012
Bank Of England Cuts Growth Forecast
As the double-dip recession intensifies the Bank of England’s growth forecast has been cut to almost zero, falling from 0.8% predicted in May.
The quarterly inflation report indicated no growth for 2012, compared with 2% predicted a year ago.
The data had fuelled anticipation for an interest rate cut, but Governor Sir Mervyn King dismissed calls for a reduction in the near term, saying that recovery hopes had consistently been dashed.
"The big picture is that output's been flat for two years, and has continually disappointed expectations of a recovery," he told a news conference.
"We are navigating rough waters and storm clouds continue to roll in from the euro area," he added.
He said that the future was unpredictable, since no-one could predict what would happen in the eurozone crisis, which would have an impact on the UK.
(H/GK)
The quarterly inflation report indicated no growth for 2012, compared with 2% predicted a year ago.
The data had fuelled anticipation for an interest rate cut, but Governor Sir Mervyn King dismissed calls for a reduction in the near term, saying that recovery hopes had consistently been dashed.
"The big picture is that output's been flat for two years, and has continually disappointed expectations of a recovery," he told a news conference.
"We are navigating rough waters and storm clouds continue to roll in from the euro area," he added.
He said that the future was unpredictable, since no-one could predict what would happen in the eurozone crisis, which would have an impact on the UK.
(H/GK)
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Chancellor George Osborne Booed At Paralympics Medal Ceremony
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21 June 2012
Senior Civil Servant Says Spending Cuts Could Last A Decade
Britain's most senior civil servant has warned that public spending cuts could last for up to a decade. Sir Jeremy Heywood, appointed as cabinet secretary by David Cameron last year, said the government was only a quarter of the way through its fiscal consolidation.
Senior Civil Servant Says Spending Cuts Could Last A Decade
Britain's most senior civil servant has warned that public spending cuts could last for up to a decade. Sir Jeremy Heywood, appointed as cabinet secretary by David Cameron last year, said the government was only a quarter of the way through its fiscal consolidation.
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