2008-08-13 UK News Highlights
on August 14, 2008 in CBs, Inflation, UK No Comments
|BoE Cuts Growth Forecasts, Jobless Climbs|
|U.K. Unemployment Rose the Most Since 1992 in July|
|Surge in credit card debt charge-offs|
|U.K. Homebuilders Fall as Unemployment Rise May Worsen Slump|
BoE Cuts Growth Forecasts, Jobless Climbs (Bloomberg) The BoE cut its forecast for U.K. economic growth and held out the prospect of lower interest rates as unemployment rose the most in almost 16 years in July. Governor Mervyn King said the inflation rate will fall below the 2 % target in two years if policy makers keep the benchmark interest rate at 5 %.
But not if they cut is the implication as well.