Magazine article Public Finance

Numbers Game

Magazine article Public Finance

Numbers Game

Article excerpt

PF's monthly roundup of statistics covering the public finances, economic growth, unemployment and more

The doom and gloom of recent months appears to have been tempered by small signs of positivity in the UK's economic performance.

Sir Mervyn King, fronting his final press conference for the Bank of England's Quarterly inflation report, claimed there had been a 'welcome change' in the economic outlook. Growth projections were a 'little stronger' and inflation a 'little weaker' than the governor had predicted three months earlier.

King said growth would be around 1.2% for 2013, as the economy built on the 0.3% expansion registered in the first quarter. This compares favourably with the rest of Europe, where euro area growth was -0.2% in Ql.

Inflation would reach the official Consumer Prices Index target of 2% within two years, King suggested. April's figures produced a step in the right direction, with both CPI and the Retail Prices Index falling by 0.4 percentage points to 2. …

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