Arab Today, arab today bank of england cuts growth forecast
Last Updated : GMT 08:20:02
Arab Today, arab today
Arab Today, arab today

Bank of England cuts growth forecast

Arab Today, arab today

Arab Today, arab today Bank of England cuts growth forecast

London - UPI

The Bank of England cut its forecast for economic growth over the next two years, saying Wednesday the financial crisis affected Britain more than first thought. The bank\'s Monetary Policy Committee said in a statement global demand growth has slowed, and output in Britain has been \"broadly flat\" for the past two years. \"Although output is estimated to have fallen for three consecutive quarters, the scale of that contraction was amplified by a number of erratic factors and so probably exaggerates the weakness of underlying activity,\" the bank said. \"Even so, underlying demand growth is likely to remain muted in the near term.\" Given the financial situation, the monetary committee decided it was appropriate to maintain the bank rate at 0.5 percent and the size of the asset purchase program at 375 billion pounds (about $587 billion) to meet the 2 percent consumer price index inflation target. Inflation was at 2.4 percent in June. The committee said the inflation rate was slightly more likely to be below rather than above the 2 percent target. \"Credit growth remained moribund,\" the committee said. \"Lending conditions facing UK households and companies tightened in [during the second quarter] and had been expected to deteriorate further in [the third quarter] in the face of increased funding costs for banks.\" The bank said exports fell during the four quarters to the first quarter in 2012, reflecting a broad-based slowing of global demand growth and Britain\'s lower share of world trade. \"At home, output is estimated to have contracted for three consecutive quarters, such that the level of output in 2012 Q2 is estimated to be lower than in the middle of 2010,\" the bank said. \"But the scale of that fall probably exaggerates the weakness of underlying demand growth. Much of the contraction in the first half of this year reflects unusually large declines in measured construction output.\" Such a drop seems out of line with industry surveys and seems unlikely to continue, the bank said. The level of output \"is not likely to surpass its pre-crisis level until 2014,\" the bank said. \"Much of this sustained weakness in output appears to have been associated with slow growth in potential supply.\" \"The outlook for UK growth remains unusually uncertain,\" the bank said. \"The greatest threat to the recovery stems from the risk that an effective policy response is not implemented sufficiently promptly in the euro area to ensure that the adjustments in the level of debt and competitiveness required by some member countries occur in an orderly manner.\"

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today bank of england cuts growth forecast Arab Today, arab today bank of england cuts growth forecast

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today bank of england cuts growth forecast Arab Today, arab today bank of england cuts growth forecast

 



Arab Today, arab today
Arab Today, arab today Youssra depended on colored foam

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
Arab Today, arab today Second US judge orders freeze

GMT 08:04 2017 Thursday ,19 October

Second US judge orders freeze
Arab Today, arab today Etiquette expert underlines importance of gifts

GMT 17:52 2017 Sunday ,03 September

Etiquette expert underlines importance of gifts
Arab Today, arab today Fighters celebrate Raqa victory

GMT 06:07 2017 Wednesday ,18 October

Fighters celebrate Raqa victory
Arab Today, arab today Hiring not part of Alibaba pledge

GMT 11:26 2017 Wednesday ,18 October

Hiring not part of Alibaba pledge
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Sidem reveals plan to improve education

GMT 15:52 2017 Friday ,06 October

Sidem reveals plan to improve education
Arab Today, arab today British actress becomes fifth woman

GMT 18:15 2017 Monday ,16 October

British actress becomes fifth woman
Arab Today, arab today Climate-disrupting volcanoes helped topple

GMT 16:00 2017 Wednesday ,18 October

Climate-disrupting volcanoes helped topple
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today Mercedes says recalls 400,000 UK cars

GMT 06:56 2017 Tuesday ,17 October

Mercedes says recalls 400,000 UK cars
Arab Today, arab today Britain's Vauxhall to cut 400 jobs

GMT 10:53 2017 Sunday ,15 October

Britain's Vauxhall to cut 400 jobs
Arab Today, arab today Hussein Fahmy happy for honoring in festival

GMT 07:47 2017 Tuesday ,17 October

Hussein Fahmy happy for honoring in festival
Arab Today, arab today Three killed, 360,000 without power

GMT 05:11 2017 Tuesday ,17 October

Three killed, 360,000 without power

GMT 09:31 2017 Monday ,16 October

Dalal Abdel Aziz happy for “Seventh Neighbor”

GMT 10:37 2017 Thursday ,12 October

Cara Delevingne accuses Weinstein

GMT 16:53 2017 Saturday ,02 September

Mai importance of gifts during Eid Al-Adha

GMT 18:49 2017 Monday ,16 October

India to close colonial-era military farms

GMT 10:46 2017 Saturday ,05 August

Nanis reveals simple ideas for home renovation

GMT 23:42 2017 Monday ,16 October

Better Marriages Make

GMT 06:52 2017 Monday ,16 October

Airbus CEO says won't cling to job

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 03:59 2017 Sunday ,15 October

US mobile carriers Sprint, T-Mobile to merge

GMT 11:37 2017 Saturday ,12 August

Fashion designer reveals her new collection
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday