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Business Secretary Vince Cable called on the Bank of England to expand money supply if demand continues to falter following a promise by Chancellor of the Exchequer George Osborne to support economic growth.
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Business Secretary Vince Cable called on the Bank of England to expand money supply if demand continues to falter following a promise by Chancellor of the Exchequer George Osborne to support economic growth.
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Britain’s second-quarter economic growth probably slowed as weak consumer spending continued to restrain the recovery, economists said.
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Britain’s budget shortfall was larger than economists forecast in June, prompting economists to question whether Chancellor of the Exchequer George Osborne can meet his deficit-reduction targets for the year.
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Bank of England officials voted 7-2 to keep the benchmark interest rate on hold this month as a majority of policy makers said recent developments meant there was less need for a near-term tightening.
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U.K. jobless claims rose at their fastest pace since May 2009 last month, a sign the recovery is struggling to generate enough jobs to offset the deepest government budget cuts since World War II.
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Bank of England Governor Mervyn King has gained more ammunition in his battle to keep interest rates at a record low after reports suggested the economy isn’t yet strong enough for a withdrawal of emergency stimulus.
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U.K. inflation held at the fastest pace since October 2008 last month as Bank of England policy maker Martin Weale repeated his call for higher interest rates.
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Bank of England minutes showed some policy makers see a potential need for further bond purchases as the economic recovery struggles and “downside” risks to growth and inflation mount.
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The Bank of England kept its benchmark interest rate at a record low as signs the recovery is losing momentum kept a majority of policy makers focused on stimulating growth during the government’s fiscal squeeze.
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