Global financial crisis Mervyn King may have delivered one of the most upbeat forecasts for growth in the Bank of England’s history as an independent institution on Wednesday. However, the governor’s assessment was tempered with some decidedly downbeat strictures about the dangers that could yet derail recovery.
According to the Bank’s quarterly inflation report, gross domestic product growth is likely to rise to 4 per cent by the end of 2011, an even bigger surge than the Bank had forecast for that period when it delivered its last report in August.
