B of E Spins Weak Recovery

Bank of England Governor, Mervyn Head, blames foreign market sufferings for the failure of the UK economy to recover as quickly as the central bank led its subjects to believe it would.

In a move that is certain to do little to increase confidence in the financial sector in United Kingdom, the UK’s central bank Governor, Mervyn Head, reported that economic expansion will be lower than expected next year while the previously reported rate of inflation will be greater than expected.

Pointing primarily to the sagging economies in her biggest trading partners, Europe and the US, the money master justified the inaccuracy of the bank’s expectations and attempted to spin the message that things are not going according to plan.

In response to critics, Mr. Head stated that inflation is not “in some sense out of control or permanently above target.” This comes despite the fact that the rate of inflation in the UK has remained consistently above predicted levels for much of the last two years.

The real news here is a positive future for the silver and gold market for some time to come in the UK.

Source: http://www.telegraph.co.uk/finance/economics/7938287/Bank-of-England-warns-UK-recovery-will-be-weaker-than-hoped.html