Close X Cookies are necessary for the proper functioning of 24hGold.com. By continuing your navigation on our website, you are accepting the use of cookies.
To learn more about cookies ...
EnglishFrench
Gold & Silver Prices in

"Self-Inflicted Damage" Now the UK Goal; Inflation a "Cause For Optimism"

IMG Auteur
Published : February 14th, 2013
245 words - Reading time : less than a minute
( 0 vote, 0/5 )
Print article
  Article Comments Comment this article Rating All Articles  
0
Send
0
comment
Our Newsletter...
Category : Crisis Watch

Inflation is expected to run well above the Bank of England target rate of 2% for another two years in the UK. Don't worry it's a self-inflicted goal.

Moreover, Inflation is a cause for optimism says Bank of England governor Mervyn King.

The UK inflation rate will remain stubbornly high for longer than previously thought, the governor of the Bank of England has said.

Sir Mervyn King now expects inflation, currently 2.7%, to rise to at least 3% by the summer and to remain above the Bank's 2% target for two years.

In November he had said that inflation would fall back towards its target in the second half of this year. But the governor also said that "a recovery is in sight".

Sir Mervyn King, presenting the Bank's latest Quarterly Inflation Report, 20 years after it issued its first one, said the economy had "cause for optimism".

"If you like, it is a bit of a self-inflicted goal in terms of the damage done to real take-home pay, perhaps another way of trying to implement fiscal consolidation through moving up the price level," he said.
In other optimistic news, The Office for National Statistics said on Wednesday that UK workers were earning no more than they were 10 years ago, while a report from the Resolution Foundation think tank warned that it could be another 10 years before living standards return to the levels they were at before the recession.

Mike "Mish" Shedlock
http://globaleconomicanalysis.blogspot.com
<< Previous article
Rate : Average :0 (0 vote)
>> Next article
IMG Auteur
Mish 13 abonnés
Mike Shedlock / Mish is a registered investment advisor representative for SitkaPacific Capital Management. He writes a global economics blog which has commentary 5-7 times a week. He also writes for the Daily Reckoning, Whiskey & Gunpowder, and has over 80 magazine and book cover credits. Visit http://www.sitkapacific.com
WebsiteSubscribe to his services
Latest comment posted for this article
Be the first to comment
Add your comment
Top articles
World PM Newsflow
ALL
GOLD
SILVER
PGM & DIAMONDS
OIL & GAS
OTHER METALS
Mining Company News
Clayton Williams Energy(Oil)CWEI
Clayton Williams Energy, Inc. Q1 2015 Results Conference Call
US$ 57.83+1.00%Trend Power :
Corporate news
Whiting Petroleum(Oil)WLL
Will Low Rig Use Mar Hercules Offshore (HERO) Q1 Earnings? - Analyst Blog
US$ 36.38+4.09%Trend Power :
Corporate news
Whiting Petroleum(Oil)WLL
Will Petrobras (PBR) Disappoint This Earnings Season? - Analyst Blog
US$ 36.38+4.09%Trend Power :
Corporate news
Hess Corp.(Ngas-Oil)HES
Energy bulls set their sights on Hess
US$ 77.68+0.28%Trend Power :
Corporate news
Aurico(Au-Ag)AUQ.TO
Closes Previously Announced Private Placement
CA$ 4.40+2.56%Trend Power :
Financings
Callon PetroleumCPE
NYSE stocks posting largest percentage increases
US$ 9.07+3.78%Trend Power :
Corporate news
Bill Barrett corpBBG
NYSE stocks posting largest percentage increases
US$ 10.83+1.50%Trend Power :
Corporate news
First Majestic(Le-Zn-Au)FR.TO
NYSE stocks posting largest percentage decreases
CA$ 6.19-0.48%Trend Power :
Corporate news
Timberline Res.(Cu-Le-Zn)TLR
Timberline Completes Successful Eureka Drill Program
US$ 0.74+5.71%Trend Power :
Corporate news
Whiting Petroleum(Oil)WLL
Will FMC Technologies (FTI) Miss Q1 Earnings Estimates? - Analyst Blog
US$ 36.38+4.09%Trend Power :
Corporate news
Comments closed
Subscribe to 24hGold’s daily market briefing
  • Prices and data of precious metals in 119 currencies and world mining companies
  • Daily analysis of the economy, markets and more
  • Free, daily and indispensable
Stay informed, subscribe now !
* Your email will never be shared.