Neubarth
At the Ballpark July 30th
Bank of England says strength of economic recovery remains uncertain
LONDON (AP) -- The Bank of England raised its forecasts for economic growth and inflation on Wednesday, but warned that Britain's economic recovery is just beginning and that its strength remains "highly uncertain."
Bank Governor Mervyn King said the bank's moves to slash interest rates and pump billions of pounds into the economy, increased spending by the government and the depreciation of the British pound were likely to drive a recovery.
In its quarterly inflation report, the bank predicted that the economy will return to growth by the beginning of next year, and expand by about 3.75 percent by the end of 2011 -- faster than it had forecast in August.
LONDON (AP) -- The Bank of England raised its forecasts for economic growth and inflation on Wednesday, but warned that Britain's economic recovery is just beginning and that its strength remains "highly uncertain."
Bank Governor Mervyn King said the bank's moves to slash interest rates and pump billions of pounds into the economy, increased spending by the government and the depreciation of the British pound were likely to drive a recovery.
In its quarterly inflation report, the bank predicted that the economy will return to growth by the beginning of next year, and expand by about 3.75 percent by the end of 2011 -- faster than it had forecast in August.