Bank of England expected to lower growth forecasts


Published: August 11,2010

Tags: banking and finance, economy, markets

LONDON — The Bank of England is expected to lower its economic growth forecasts and raise its expectations for inflation next year when it publishes its quarterly report on the economy today.

The bank’s anticipated revisions follow the change in government in Britain — the Conservative-led coalition that took power in May is implementing a series of spending cuts to lower the country’s big deficit.

Its plans to raise consumer sales tax from the start of next year are expected to have a particular impact on the forecasts.

Just ahead of the central bank’s release, official data has shown that the number of unemployed Britons fell in the three months to June — but the rate of decline in the jobless rate is slowing.

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