Britain may remain trapped in a low-growth straitjacket for several years because of deep-seated fractures in the global economy, Sir Mervyn King, the Governor of the Bank of England, warned yesterday.
In a grim assessment three weeks before the Chancellor?s Autumn Statement, the Bank said that Britain faced ?persistently low growth? and admitted that the authorities had little capability to kick-start a strong recovery.
The analysis in the quarterly Inflation Report represents a sharp break from previous Bank outlooks, which have repeatedly over-estimated the economy?s ability to spring back from the banking crash.
Speaking at a press conference, Sir Mervyn
Source: http://www.thetimes.co.uk/tto/business/economics/article3600449.ece
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