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08/08/2012
Bank Of England Cuts Growth Forecast
As the double-dip recession intensifies the Bank of England’s growth forecast has been cut to almost zero, falling from 0.8% predicted in May.
The quarterly inflation report indicated no growth for 2012, compared with 2% predicted a year ago.
The data had fuelled anticipation for an interest rate cut, but Governor Sir Mervyn King dismissed calls for a reduction in the near term, saying that recovery hopes had consistently been dashed.
"The big picture is that output's been flat for two years, and has continually disappointed expectations of a recovery," he told a news conference.
"We are navigating rough waters and storm clouds continue to roll in from the euro area," he added.
He said that the future was unpredictable, since no-one could predict what would happen in the eurozone crisis, which would have an impact on the UK.
(H/GK)
The quarterly inflation report indicated no growth for 2012, compared with 2% predicted a year ago.
The data had fuelled anticipation for an interest rate cut, but Governor Sir Mervyn King dismissed calls for a reduction in the near term, saying that recovery hopes had consistently been dashed.
"The big picture is that output's been flat for two years, and has continually disappointed expectations of a recovery," he told a news conference.
"We are navigating rough waters and storm clouds continue to roll in from the euro area," he added.
He said that the future was unpredictable, since no-one could predict what would happen in the eurozone crisis, which would have an impact on the UK.
(H/GK)
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04 September 2012
Chancellor George Osborne Booed At Paralympics Medal Ceremony
Chancellor George Osborne's stint as a Paralympic medal presenter was marred yesterday when spectators booed his name. Jeering erupted when his name was announced at the 80,000-seater Olympic Stadium, where he was due to present medals to the winners of the men's T38 400m race.
Chancellor George Osborne Booed At Paralympics Medal Ceremony
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21 June 2012
Senior Civil Servant Says Spending Cuts Could Last A Decade
Britain's most senior civil servant has warned that public spending cuts could last for up to a decade. Sir Jeremy Heywood, appointed as cabinet secretary by David Cameron last year, said the government was only a quarter of the way through its fiscal consolidation.
Senior Civil Servant Says Spending Cuts Could Last A Decade
Britain's most senior civil servant has warned that public spending cuts could last for up to a decade. Sir Jeremy Heywood, appointed as cabinet secretary by David Cameron last year, said the government was only a quarter of the way through its fiscal consolidation.
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Northern Ireland WeatherToday:It will be cloudy again throughout the day. Mainly dry in the morning, but patchy drizzle in places, becoming more widespread and persistent in the afternoon. Freshening southwesterly winds. Maximum temperature 12 °C.Tonight:Cloudy with a spell of heavy rain pushing south through late evening and the early hours, followed by some clear spells. Minimum temperature 6 °C.
