Bank of England downgrades growth forecasts

Bank of England downgrades growth forecasts

The Bank of England downgraded its growth forecasts for the next two years today as it warned the squeeze on household incomes and government austerity measures will continue to weigh on the UK economy.

Inflation will remain above the Government's 2% target throughout 2012 and will fall back later than previously expected in early 2013, the Bank added.

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