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Bank of England cuts growth forecast
08 August 2012

The Bank of England has today cuts its forecast for UK growth to 'near zero' for 2012.


 


In a damning indictement for the UK economy, Governer Mervyn King says there will be no growth for 2012, compared with the 2 per cent rate predicted a year ago.


 


The ongoing Euro debt crisis has been blamed for much of the gloomy outlook. Perhaps surprisingly, the Pound has in fact benefitted from the news, giving us better exchange rates for international payments, becuase analysts had feared that the Bank's prediction could turn to negative growth for the year. With much trouble still ahead, buyers may want to consider taking advantage of what may be a temporary spike in exchange rates.


 


If interest rates are cut or QE is extended at the next Bank of England meeting, we could easily see sterling fall back.

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