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Bank of England says UK is facing a recession with 'broadly flat' economy
Bank of England says UK is facing a recession with 'broadly flat' economy
Last Modified: 13 Aug 2008
By:
Faisal Islam
The Bank of England says the UK faces a possible recession, with economic output for the next year projected to be "broadly flat".
It is a grim assessment of the economy, with the Bank of England saying recent increases in gas and electricity bills mean inflation is likely to stay near the five per cent mark for the rest of the year.
The bleak outlook also means interest rates are likely to remain on hold for the time being.
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