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UK growth forecast downgraded
The Bank of England has downgraded its growth forecast for 2013 to around 1% as it warns output will remain below pre-financial crisis levels for the next three years.
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Bank of England gloomy growth predictions
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Tuition fees and energy costs put inflation under pressure
The Governor of the Bank of England explained why inflation would fall back towards the Government's 2% target later than expected. Student tuition fees and rises in energy bills were partly to blame.
Economy 'barely grows' amid squeeze on incomes
The Bank of England Governor says that despite a resilient labour market, the economy has barely grown over the past two years.
Sir Mervyn King said: "The unexpected weakness reflects the impact of the euro area crisis and its effect on confidence and bank funding costs - and the sharp squeeze on real incomes from higher-than-expected world energy and food prices."
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Bank of England downgrades growth forecast
The Bank of England has downgraded its growth forecast for 2013 to around 1% as it warns output will remain below pre-financial crisis levels for the next three years.
Latest ITV News reports
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Bank of England gloomy growth predictions
Economic growth will remain below pre-financial crisis levels for the next three years at least, the Bank of England governor warned today.