Bank Cuts Forecast for UK Output
Yesterday, the Bank of England warned that contrained bank lending and questions about recovery in the economies of UK’s main trading partners posed risks to the nation’s growth, as the Bank cut its foreast for output over the next two years.
In its quarterly Inflation Report, the Bank raised its forecast for inflation over the same period, indicating the prices are likely to rise faster than target rate of 2% into 2012. It signalled that it was unlikely to toughen monetary policy in response to higher inflation as it believes temporary factors are the cause. When the planned VAT rise drops out of the calculation in 2012, inflation is likely to be below target.
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