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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!?