The Bank Of England Lowered Its Economic Growth Forecast For The Next Two Years
In November 16, 2011, the Bank of England, the Bank of England, released the latest quarterly report. In view of the latest international and domestic situation, the UK's economic growth forecast in 2011 and 2012 will be reduced to 1%.
Earlier, the Bank of England predicted that the UK's economic growth in 2011 was 1.4%, an increase of 2% in 2012.
Mervyn Kim, the governor of the Bank of England, said at a news conference that the global economic situation began to deteriorate since August 2011, and that the British economy will continue to face difficulties. It is expected that economic activity will continue to slump until mid 2012.
The euro zone sovereign debt crisis is the biggest risk facing the British economy.
The British central bank's report predicts that inflation will fall sharply from 2012 and gradually fall below the 2% target set by the central bank. This is mainly due to the effect of the consumption tax rate raised at the beginning of 2011 on the price.
According to the latest data, the inflation rate in Britain decreased by 0.2 percentage points to 5% in October.
On the same day, the National Bureau of statistics released the latest employment figures, showing that the unemployment rate in the third quarter of 2011 increased to 8.3%, reaching the highest level in 15 years.
Analysts generally believe that the judgment of the Bank of England on economic growth and inflation shows that it is likely to maintain the leading interest rate at a record low of 0.5% until 2013.
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