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Thu 05 May 2011King warns of 'difficult time ahead' as BoE forecasts lowered
THE UK faces a “difficult time ahead”, Mervyn King, the governor of the Bank of England, has said as he disclosed lower forecasts for growth and higher forecasts for inflation.
Even with the weak outlook, however, the Bank signalled that there was likely to be a rate rise this year. Its forecast showed that inflation would remain higher than its 2 per cent target if it kept policy on hold.
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