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Friday 14th of August 2009
August 12, 2009

BoE latest quarterly inflation report due today


by Kay Murchie
”BoE

The Bank of England’s Governor, Mervyn King, is to give the latest growth and inflation forecasts for the UK economy later today, with one analyst expecting it to be a “downbeat affair“.

Its quarterly Inflation Report will give the latest predictions on both the country’s economic output and the rate of inflation.

It is also expected that the report will forecast a steeper decline than originally feared after worse than expected 0.8% output fall between the April and June period.

Meanwhile, further details of the quantitative easing programme are expected to be unveiled.

Last week the Bank elected to keep interest rates on hold at 0.5%, but also pressed ahead with pumping a further £50 billion of new money into the economy, in a bid to drag the country out of recession.

The additional £50 billion suggests that the UK recession “appears to have been deeper than previously thought”.

Latest figures show that the UK economy contracted by 2.4% in the first three months of the year - much worse than the previous estimate of a 1.9% fall.

In other news, the latest unemployment figures are scheduled to be released later today with Britain’s unemployment total expected to reach around 2.5 million - a 15-year high.

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