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Bank claims: BoE chief expresses concern for UK economy

The UK economy is set to be hit by the effects of lower growth, high inflation and rising unemployment, according to the chief economist of the Bank of England (BoE).

Spencer Dale expressed his belief that inflation was likely to remain above its target of two per cent until late next year due in part to the rise in VAT.

In an interview with the Independent, Mr Dale claimed other stringent measures announced in this year's budget will also "soften growth".

He told the news provider: "The near-term outlook for both growth and inflation has deteriorated over the past couple of months.

"Inflation has come out a little higher than expected, and the news on VAT in the June Budget means that the time it will take inflation to get back to target will be pushed out, and I expect it will be above target until the end of next year."

He also expects the increasing unemployment figures to continue to rise and restricted business cash flow to further increase inflation rates.

Mr Dale added that he believed the economy will not be back to normal "for an awfully long time".

Posted by John Fieldman

Having worked in the city for 19 years, John's main focus is interest rates and corporate finance. ADNFCR-2776-ID-800004296-ADNFCR



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