Philip Shaw News
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Bank of England Governor Mervyn King said the debate on fiscal policy has “really got overblown” and the government’s plan to aid home buyers shouldn’t become permanent.
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As the Senate prepares to vote tomorrow on advancing gun control legislation, advocates and foes are accelerating lobbying efforts. A prime target: Virginia Senator Mark Warner, a Democrat with an “A” rating from the National Rifle Association.
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Bank of England officials will likely refrain from adding stimulus to aid the economy today in a decision that will be overshadowed by the bank’s next governor.
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Britain’s economy shrank more than forecast in the fourth quarter as the boost from the Olympic Games unwound and oil and gas output plunged, leaving the country on the brink of an unprecedented triple-dip recession.
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U.K. house prices probably will fall the rest of the year as government spending cuts hurt consumer confidence and homeowners try to repay debt , according to economists and property brokers.
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Britain’s deeper-than-forecast manufacturing slump, suggesting the economy remains mired in recession, may prompt the Bank of England to resume stimulus as soon as next week, Deutsche Bank AG and and Citigroup Inc. said.
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A Labour Party government without a parliamentary majority would be a “nightmare scenario” for the pound, pushing it to its weakest level versus the dollar since March 2009 and close to parity with the euro, Investec Plc said.
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U.K. export growth helped the economy extend its recovery in the third quarter as growth in consumer, government and investment spending slowed by more than half.
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The Bank of England will maintain the size of its bond-buying program next week as policy makers assess the impact on the economy of its new 61 billion-pound ($99 billion) credit-boosting program, economists said.
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U.K. Chancellor of the Exchequer George Osborne may face a deteriorating economic outlook when he presents his second budget this week, as government forecasters predict weaker growth, higher unemployment and more borrowing, analysts say.
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