Mervyn King warns UK economy facing “choppy” recovery
The Bank of England has cut its growth forecasts for the UK economy to around 3% for the next two years, down from its previous prediction of around 3.5%.
The governor of the Bank, Mervyn King, also said that inflation is now expected to remain above the 2% target until the end of 2011, significantly longer than projected in May. He added it would then fall below the target due to spare capacity in the economy.
Presenting the Bank's Quarterly Inflation Report, Mr King said: "It will take many years before bank balance sheets and fiscal positions return to anything like normal. In the meantime they will act as headwinds to the recovery. But
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