London Evening Standard: Britain 100bn worse off, says Bank
Tue 06 Aug 2013
Bank chief signals interest rates to stay at record low
The Bank's Quarterly Inflation Report was peppered with cautions that recovery will be "weak" and figures show Britons will be 100 billion less well off than they would have been if the crash had never happened. "In the United Kingdom, a recovery appears to be taking hold," said the report. "But the legacy of adjustment and repair left by the crisis means that the recovery is likely to remain weak by historical standards."
The property industry gave a huge welcome to the new forward guidance which is likely to lead to a boost in house prices. Peter Rollings, chief executive of central London agents Marsh & Parsons said: "This is a highly important statement which will allow lenders to offer attractive fixed rate deals to potential buyers."