August 10, 2011
The governor of the Bank of England, Sir Mervyn King, has painted a gloomy picture of the state of Britain’s economy saying he expected growth to slow significantly.
GDP is set to grow by around 1.4 per cent in 2011, the Bank said in its quarterly inflation report, down from its estimate of around 1.8 per cent in May.
King also announced that he expected inflation to rise sharply, hitting the five per cent mark by the end of the year driven by rises in utility bills.
This article was posted: Wednesday, August 10, 2011 at 6:17 am