12 May 2003, 09:14  BoE should have cut rates, says NIESR

An influential UK think-tank, the National Institute of Economic and Social Research (NIESR) has said that the Bank of England should have cut rates yesterday in order to spur growth in the economy. The NIESR forecasts that UK GDP in the three months to April grew 0.2pc from the three months to March.
The British economy grew slower than estimated during the first three months of the year according to preliminary figures released from the UK's National Statistics. GDP rose by 0.2pc for the first quarter and 2.3pc year-on-year against a forecast of 0.3pc quarter-on-quarter and 2.4pc year-on-year. In the fourth quarter of 2002, GDP rose 0.4pc quarter-on-quarter and 2.2pc year-on-year. NIESR's estimate, if accurate, would mean that the country's GDP shows little sign of moving up in the short term. ///www.fxcentre.com

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