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Bo E Lowers 07 Growth Forecast Sharply

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Bank of England Lowers '07 Growth Forecast

May 10th, 2006 @ 10:04am


AP Business Writer

LONDON (AP) - The Bank of England lowered its 2007 economic growth forecast but lifted its inflationary predictions Wednesday, raising questions about the timing of a widely anticipated rise in interest rates.
In a quarterly report, the bank said that economic growth may accelerate to about 3 percent in the first quarter before slowing to about
2.75 percent
by the final three months of 2007.
The bank was previously predicting growth of as much as 3.25 percent in 2007.
The bank said consumer-price inflation will rise above the bank's target of 2 percent this year on the back of higher energy and import costs before moderating back to that level by the end of 2007.

Not long before the markets realise sterling is not the most valuable currency in the world? Perhaps Europe was a little premature lauding Gordon as the world's greatest Chancellor in living memory? He just rode the eonomic cycle up and now its going down and his fortunes will sink with it. :lol:

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  • 301 Brexit, House prices and Summer 2020

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      • down 5% +
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