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Bank of England warns on inflation fears
15th May 2008


The governor of the Bank of England, Mervyn King, has issued a stark warning with regards to the outlook for inflation in the UK, which has already rocketed to way above the government's 2% target, and is set to continue rising. Mr King recently said that the outlook for inflation had 'deteriorated markedly'. High food and fuel costs have seen inflation levels rise to their highest in thirteen months.
According to Mr King inflation levels are set to remain above the government target for the next two years, and he added that this would have a serious effect on the economy. Inflation levels are currently at 3%, a full 50% over the target that is set by the government. The rising concerns over inflation may mean that the Bank of England has to be far more careful when it comes to interest rate cuts, and this may reduce the chances of another rate cut in June, which is what many analysts and economists had predicted.

King also added that house prices were set to fall further – a warning backed by the 'leaked' document from Housing Minister Caroline Flint, which indicated that the government was expecting house prices to fall by between 5% and 10% this year. Mr King commented on the difficulties that the Bank of England now faces when it comes to setting interest rates, as there will be far more pressure to consider the outlook for inflation as well as the state of the slowing economy.

He went on to state that the Monetary Policy Committee was facing its most challenging time in relation to setting interest rates, and added that the 'nice decade' was not behind us, at least for the time being. Officials agreed that interest rate movement would be tricky, stating that failure to cut rates could tip the nation into recession whilst cutting rates could further increase inflation levels.

The governor said that the MPC would need to focus on getting inflation back under control in the medium term, although he also said that in the near term growth would rise sharply.


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May 2008
Bank of England warns on inflation fears - 15th May 2008
Flint's notes indicate 5-10% fall in house prices - 14th May 2008
Some insurance price comparison sites could be misleading - 13th May 2008
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Gloomy predictions from the Ministry of Justice over repossessions - 6th May 2008
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Bank of England warns on payment shock for homeowners - 2nd May 2008
Financial fraud on the up due to credit crunch - 1st May 2008








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