Bank of England cuts UK growth forecast to negative 4.5%; Recovery will take time
May 13th, 2009 | By Finfacts Ireland Business & Finance Portal | Category: News worldwide
The Bank of England has revised down the outlook for the UK economy, forecasting in its latest inflation report, an annual fall of 4.5% in output at its lowest point. This compares with Chancellor Alistair Darling's Budget forecast last month of 3.5%. The Governor Mervyn King said a rebound is likely in the short-term but a recovery will take time.