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King warns of economic downturn
King warns of economic downturn
Last Modified: 13 Feb 2008
By:
Faisal Islam
Mervyn King has a downbeat assessment of the British economy in his quarterly inflation report.
The governor indicated a significant shift in economic prospects. He said the years of cheap credit and ever rising imports are coming to an end and it's not up to the Bank of England to stop that happening.
In other words, don't expect drastic interest rates cuts to help bail you out.
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After the collapse of the US sub-prime mortgage market, the global economy is in the throes of a credit crunch.
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