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Weak Growth And Inflation Hitting Uks Economy
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The forecast of the bank represent a much slower fall in inflation than it predicted just three months ago as well as a weaker growth outlook, adding to Britons' gloom as their economy y struggles to recover from the financial crisis. Just after the central bank decided to halt its program of quantitative easing, the figures came, reducing support for a country that has slipped back into recession and faces a hefty program of spending cuts.

UK economists are not expecting further QE in the immediate future, but this could rapidly change if the conditions in continental Europe deteriorate sharply. The Bank of England stated that the prospects for UK growth remain unusually uncertain. The single biggest threat to the recovery stems from the challenges within the euro area. Since the 1930s in the wake of the 2008 financial crisis, UK’S economy suffered its biggest contraction, and had recovered less than half the output lost before it slipped back into recession at the end of 2011. This had a knock-on effect on prospects for the rest of 2012 and the total GDP would not get back to its pre-crisis level before 2014.

As per the Bank the growth hinged on stronger household real income growth as inflation fell. Slow and weaker productivity than previously assumed was a major reason for the Bank having to revise up its short-term inflation forecasts, which had previously shown inflation returning to target by the end of this year. It is predicting that in two years time, inflation is forecast to be around 1.6 percent, compared to 1.8 percent in its February forecast. At this point, annual growth will have recovered t o around 2.7 percent, about 0.3 percentage points lower than previously forecast. In this crises period if you are suffering from credit crunch and need quick funds then apply with no credit check loans and get the fund in very quick way.

In September last year inflation hit a 3-year peak of 5.2 percent and its steady fall since then was interrupted in March, when it unexpectedly rose to 3.5 percent. Inflation has not been below the Bank's 2 percent target since November 2009. The Bank forecast in February that inflation would fall below 2 percent by the end of this year, but a spike in oil prices and concerns about whether slack in the economy is pushing down prices have caused many economists to doubt this.


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