UK forecast in detail

Article Abstract:

Steps are being taken to restrict economic growth in the UK. The Bank of England reduced interest rates from 7.5% in Oct 1998 to 5% in Jun 1999, but then increased them again to 5.25% on Sep 8, 1999. The Monetary Policy Committee hopes that, by taking early action, it will restrict the extent to which interest rates will ultimately have to increase. Public sector net borrowing was just 2.9 billion pounds sterling over the first five months of the financial year 1999 to 2000, from 6 billion pounds sterling in the year-earlier period.

Administration of General Economic Programs, Prices, Interest Rates, Currency Stabilization Programs, Management, Forecasts and trends, Inflation (Finance), Monetary policy, Currency stabilization, Inflation (Economics)

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Executive summary

Article Abstract:

Drops in commodity and petroleum prices and bond yields have benefited European and North American economies in early 1998, though the Japanese economy faces problems. Japan's problems mean a downward revision of growth for the Group of 7 nations to 1.9% from 2% for 1999, and 2% rather than 2.2% for 1998. United Kingdom economic growth looks set to slow enough for the government's inflation target to be achieved, with no need for additional tightening. United Kingdom economic growth is forecast at 2.2% for 1998.

International Affairs, Economic Intelligence, Economic forecasting, Economic indicators, International communication, 1998 AD

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