UK set for low GDP growth for at least two years, Bank of England warns
The Bank of England has released its Inflation Report.
According to this article the document is produced quarterly by Bank staff and guided by the Monetary Policy Committee. Set out under the headings: money and asset prices, demand, output and supply, costs and prices and prospects, it is intended to be an aid to decision-making and explain the reasons for the decisions made by the Bank. In publishing the report, the outgoing governor at the Bank, Sir Mervyn King, predicted Britain will suffer low growth and a squeeze on average incomes for at least another two years. “We must recognise there are limits to what can be achieved via general monetary stimulus – in any form – on its own,” he said.
Jessica and I were at the Yorkshire Agricultural Society this week talking to them along with organisations such as Farm Crisis Network, Royal Agricultural Benevolent Institution, CLA and the Diocese of Ripon and Leeds about the economic challenges and opportunities facing rural people and places. This lead to interesting discussions around investing in the existing, from top down approaches to being truly led from the bottom up, and the importance of resilience. If you would like to receive a copy of our presentation ‘in my backyard – think rurally, act locally’ please drop me a line.