Asia Bizz: Bank Of England Developing At Slow Pace, UK Growth Hampered
The Bank of England on Wednesday, stated that the British economy will be growing at a slower pace as the growth prospects in the country look grim. The Monetary Policy Committee said that after looking at the past quarter, inflation has been above the target of 2%, and is predicted to be the same way for the rest of the year.
Inflation can go even higher in the UK, Â as sales tax will be pushed higher during the year. The MPC has stated that inflation will go down and below the 2% target by the year 2012 and will remain that way till 2013. US on the other hand, has stated that the economic recovery in their country is very low and will surely take some time to come up in the near future.
The UK government has stated that it is ready to face any sort ofÂ consequencesÂ that are involved in the economic recovery, they just want to be flexible enough to handle any economic situation.
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