Bank of England MPC member not ruling out double dip
August 24, 2010 | Posted by Dr Search- Principal Consultant at the Search Clinic The newest member of the Bank of England’s interest rate setting Monetary Policy Committee hit the headlines this morning.
Britain faces “significant” risk of a fresh slump into recession according to Dr Martin Weale, who said it would be “foolish” to rule out the possibility of a double-dip downturn. He also thought the Banks central outlook on growth could be too optimistic in light of the fiscal cuts currently being implemented.
The BoE forecast is for growth of about 2.8% in 2011 and 3.2% in 2012. Sterling has dropped over a cent against the dollar following the news and has traded as low as 1.5371.
M&A activity in the US, helped lift sentiment yesterday, unfortunately this did not last for long and both main stock indexes closed marginally down on the day.
There is little economic news again today so focus is likely to remain on the existing home sales in the US which is out this afternoon at 15:00. Figures are expected to show that sales of existing US homes fell to an annual rate of 4.67million in July from 5.37 million in June.
Categories: Uncategorized |
Tags: Bank of England, Interest Rates, MPC, UK recession |
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