Arab Today, arab today bank of england cuts growth forecast
Last Updated : GMT 22:56:43
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.\"

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 Nohan Seyam designs beautiful accessories

GMT 20:02 2017 Tuesday ,21 February

Nohan Seyam designs beautiful accessories
Arab Today, arab today Tourism shows signs of recovery

GMT 09:59 2017 Monday ,20 February

Tourism shows signs of recovery
Arab Today, arab today Sarah Belamesh designs antiques of "ceramic"

GMT 19:45 2017 Monday ,20 February

Sarah Belamesh designs antiques of "ceramic"
Arab Today, arab today 11 family members dead in rebel push

GMT 07:57 2017 Tuesday ,21 February

11 family members dead in rebel push
Arab Today, arab today To probe sexual harassment claims

GMT 10:08 2017 Tuesday ,21 February

To probe sexual harassment claims

GMT 14:57 2017 Monday ,20 February

A giant initial public offering on track

GMT 14:50 2017 Monday ,20 February

Energy Market Research

GMT 09:38 2017 Monday ,20 February

Japan returns to trade deficit in January

GMT 07:16 2017 Monday ,20 February

Global arms trade highest since Cold War

GMT 06:10 2017 Monday ,20 February

Tourism shows signs of recovery in Egypt

GMT 05:45 2017 Monday ,20 February

Brexit U-turn ruled out by many in EU
View News in Arabic - Business: نفط وبتروكيماويات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today 57 monkeys carrying 'invasive' genes

GMT 16:00 2017 Tuesday ,21 February

57 monkeys carrying 'invasive' genes
Arab Today, arab today 63-Year-Old Woman Delivers Baby

GMT 12:35 2017 Tuesday ,21 February

63-Year-Old Woman Delivers Baby
Arab Today, arab today Small ponds have outsized impact

GMT 15:53 2017 Tuesday ,21 February

Small ponds have outsized impact
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today Nissan enhances sales in most markets

GMT 14:08 2017 Monday ,20 February

Nissan enhances sales in most markets
Arab Today, arab today Competes Sweden and Germans by S90

GMT 22:36 2017 Thursday ,16 February

Competes Sweden and Germans by S90
Arab Today, arab today Ahmed Fahmy stresses he did not ignore singing

GMT 06:34 2017 Sunday ,19 February

Ahmed Fahmy stresses he did not ignore singing
Arab Today, arab today London to tax old cars

GMT 14:06 2017 Friday ,17 February

London to tax old cars

GMT 21:11 2017 Saturday ,18 February

Egypt to hold first session of Arab film festival

GMT 06:50 2017 Wednesday ,15 February

Tragic fluctuations of Bakhtiari's life revealed

GMT 12:22 2017 Monday ,20 February

Kanye West puts hijab-wearing model

GMT 20:41 2017 Wednesday ,15 February

Teach monkeys to recognize themselves in mirror

GMT 23:29 2017 Thursday ,16 February

Home built on sand castles-style costs $8m

GMT 14:51 2017 Monday ,20 February

Ways to acquire presentation skills

GMT 19:16 2017 Friday ,17 February

Aziz House ready to host the tourists

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 12:39 2017 Monday ,20 February

newest smartphone another winner for Huawei

GMT 16:08 2017 Wednesday ,15 February

Shawsh reveals her collection "Jewelry of dreams"
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