Vicky Redwood News
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U.K. inflation accelerated more than economists forecast in May as a record jump in air fares for the month helped extend its persistence above the Bank of England’s 2 percent target.
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Bank of England policy makers maintained stimulus for the economy after Governor Mervyn King concluded his last policy meeting surveying a recovery that’s not yet strong enough to warrant the “escape velocity” sought by his successor, Mark Carney.
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The U.K. economy probably narrowly avoided falling into an unprecedented triple-dip recession in the first quarter, economists said.
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Bank of England Governor Mervyn King will today assess if the economy’s return to growth is convincing enough for him to end a push for more stimulus after an unprecedented run of three vote defeats.
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Paul McCairn says the pound’s appreciation to a more than 3 1/2-year high against the euro is cutting profit at the machinery manufacturer his father set up near Birmingham, England, in 1984.
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U.K. inflation forecasts for this year were raised by economists, highlighting the quandary policy makers face as they balance sustaining a recovery with the need to foster price stability.
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U.K. services growth accelerated more than economists forecast in August, suggesting the economy may be recovering from a slump and adding to the case for the Bank of England to refrain from expanding stimulus tomorrow.
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U.K. unemployment rose at the fastest pace in more than a year and wage increases slowed, providing further evidence the labor market is succumbing to a weak economy.
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Bank of England officials will refrain from boosting their bond-buying program next week as above-target inflation overrides concerns the economy may slip into a triple-dip recession, economists said.
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U.K. services unexpectedly accelerated last month as demand strengthened, indicating the economy may stave off a recession this quarter.
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