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Topic History of: Bank of England Forecast
Max. showing the last 5 posts - (Last post first)
Author Message
Barney Today's new economic data shows that the UK economy is barely threading water.

And has barely avoided recession status - all commentators agree.

In addition, the National Debt has exceeded £2 trillion - having doubled in less than 10 years.



To put this into perspective:-


- to count to £2T, at a rate of 2 seconds per unit, would take you 64 years.

- our National Debt is now around 87% of our GDP, and we pay over £1 billion a week in interest on it.



Barney Moody's are now 'poised' to reduce the outlook on our Aa2 credit rating from stable to negative.

As our National Debt is now 80% of our annual economic output - and makes us vulnerable to Brexit consequences.

Not good news at this critical time, with more credit agencies likely to follow; we will be on a similar rating to France.

Our Debt has virtually doubled, over the past 9 years - since the Tories returned - when more was borrowed than ever before.

To fund the now daily financial promises of our campaigning political parties - further Debt increases are inevitable.



Barney Taking into account the Brexit deal negotiated by Boris, the BoE has amended - down - its growth forecasts for the economy.

In 2020, a 0.1% reduction to 1.2%; and for 2021, a half percent drop to 1.8% - are now forecast.

So our own Central Bank now formally tells the nation that the current Brexit deal will slow down our economic performance.

A view they were previously unwilling to give - without details of the Brexit terms.

One good thing they added though - was the opinion that the ending of Brexit uncertainty would have an initial (though unquantified) benefit.

Presumably this expert analysis will make the selling of Brexit - which the ex-Speaker yesterday described as a major error - a bit more difficult.

Surely too - the opinion of the BoE/HM Treasury cannot be ignored, without good reason!?