Bank of England cuts UK growth forecast
Sir Mervyn King warns there is still some way to go before economy recovers as Bank predicts growth will flatline this year
8 August 2012 21.21 BST
The Bank of England's governor Sir Mervyn King hinted at further action to boost the ailing UK economy on Wednesday after the Bank slashed its 2012 growth forecast to zero and said inflation was under control.
King said there was no urgent need for fresh stimulus, but signalled more money creation through the Bank's quantitative easing (QE) programme in response to an economic performance that has "continually disappointed expectations of a recovery".
Against a backdrop of a worsening crisis in the eurozone and tighter lending conditions imposed by UK banks, the Bank's quarterly inflation report cut its growth forecast for 2012 from the 1.25% pencilled in three months ago and believes the bounce-back next year will be weaker than previously anticipated.
Sir Mervyn King warns there is still some way to go before economy recovers as Bank predicts growth will flatline this year
8 August 2012 21.21 BST
The Bank of England's governor Sir Mervyn King hinted at further action to boost the ailing UK economy on Wednesday after the Bank slashed its 2012 growth forecast to zero and said inflation was under control.
King said there was no urgent need for fresh stimulus, but signalled more money creation through the Bank's quantitative easing (QE) programme in response to an economic performance that has "continually disappointed expectations of a recovery".
Against a backdrop of a worsening crisis in the eurozone and tighter lending conditions imposed by UK banks, the Bank's quarterly inflation report cut its growth forecast for 2012 from the 1.25% pencilled in three months ago and believes the bounce-back next year will be weaker than previously anticipated.
The finance markets in the UK are a mess. "Mis-selling" (I'd call it fraud) of Personal Protection Insurance (for mortgages, credit cards and life insurances) - £bn's put aside to recompensate the public, NatWest and other banks stuffing up accounts and people not being paid for two-three weeks, RBS/HSBC et al involved with LIBOR (London InterBank Offered Rate) deception, Standard Chartered laundering £bn's for Iranian dictators (still to be prove - yeah right!)
Barclay's paid out ex-CEO Robert Diamond, £40m as a golden handshake when he "retired" yet the British Government can't find enough money to keep their military services fully manned. Pathetic.
No wonder this society is very high consumer protection section. They need it. The average Joe Blow doesn't stand a chance against the endemic corporate theft and corruption.
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