Sir Mervyn King’s sporting jokes are almost as bad as the Bank of England’s ability to publish accurate economic forecasts. As he unveiled the August Inflation Report this morning, the Governor said:
‘Unlike the Olympians who have thrilled us over the past fortnight, our economy has not yet reached full fitness, but it is slowly healing. Many of the conditions necessary for a recovery are in place, and the MPC will continue to do all it can to bring about that recovery. As I have said many times, the recovery and rebalancing of our economy will be a long, slow process. It is to our Olympic team that we should look for inspiration. They have shown us the importance of total commitment when trying to achieve a goal that may lie some years ahead.’
As expected, Sir Mervyn slashed the growth forecast for the UK economy in 2012 from his May prediction of 0.8
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