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UK economy brightens: Bank Policy Remain Unchanged

October 2013, 12
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The monetary policy by Bank of England (BOE) remain unchanged, adhere to its assurance to keep the interest rates low as there is bright sign of a strengthening economic recovery in UK, according to the Bank of England. Past month, after a survey by the England Bank, it stated that Britain’s stagnant economy is getting back in to gear. Finally, this week the International Monetary Fund (IMF) revised the country’s growth prospect by the biggest margin for an advance economy, assuring the rapid economy growth of 1.4 percent this year and expected growth of 1.9 percent in 2014.
 
Bank of England
According to the Bank of England, without generating any domestic inflation pressures as the bank believes, there is enough or plenty scope for UK’s economy to grow further.
 
Mark Carney, Governor of the Bank of England, stated firmly that interest rates will not rise before the unemployment rate falls below 7 percent - something the bank forecasts will take three years - unless inflation threatened to get out of control. According to the announcement made by the BOE, there was no marked move in the price of Sterling or British Government bonds. BOE keeping interest rates at 0.5 percent and leaving its total asset purchases unchanged at £375 billion.
 
An unexpected fall in previous month industrial output has raised questions about whether the economy is expanding as rapidly as private-sector surveys have suggested, while there is also a risk that the U.S. government shutdown escalates into a default on government debt. But more economic stimulus in Britain in the form of asset purchases looks unlikely for now, as the two policymakers who backed it earlier this year - Paul Fisher and David Miles - have said they would prefer to keep it in reserve in case the economy weakens.
 

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