mervyn king

Bank of England Lowers Forecast for UK Economic Growth

Bank of England Governor Mervyn King said that the U.K. economy will grow slower than previously forecast. King said that growth may peak at 3% annual pace, rather than the 3.6% rate forecast in May, according to Bloomberg News. Inflation will also be lower than expected, hitting 1.5% in two years, rather than the expected 2%.

Britain Finally Limps Out of Recession

Britain, the last of the G7 nations still in recession, finally limped out of it for the last quarter of 2009, but barely. GDP grew by just 0.1% from October to December 2009, according to the U.K. Office for National Statistics. Economists had expected slightly higher growth at 0.4%.