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Market: .
Sector: General Financial
Epic: B of E
News: Latest news
Web Site: Bank of England
Other Articles: 07-01-201010-12-200908-10-2009

Bank of England

The Bank of England is the central bank of the United Kingdom. Sometimes known as the 'Old Lady' of Threadneedle Street, the Bank was founded in 1694, nationalised on 1 March 1946, and gained independence in 1997.

Standing at the centre of the UK's financial system, the Bank is committed to promoting and maintaining monetary and financial stability as its contribution to a healthy economy.

Wednesday, May 13, 2009

BoE expects slow economic recovery

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The Bank of England issued it inflation report today, saying it expects the economic recovery in the UK to be slow and protracted, and that it will not begin to grow again until the middle of 2010.

It had earlier indicated that the recovery would start later this year.

Governor Mervyn King said: "There are pretty solid reasons for supposing that there will be a recovery next year, but also pretty solid reasons for questioning if that will be sustained,” adding the timing and strength of the recovery was "highly uncertain".

King said he saw some reasons for optimism and the pace of economic decline had moderated.  However, problems in the banking sector had not yet been fully resolved.

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