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This may be as good as it gets.
As we all know, the boost from government spending is now being reversed, and there is at least a chance that the bank may follow suit, given the way inflation is still way above target and will be for the whole of next year, according to the Bank’s chief economist (who told The Independent that in an interview this week). The banks are being told to find their own funding,http://italiansoccerseriea.com/2007/...a--lazio.aspx/, and the outlook for lending is poor.
Moreover, much of the boost came from the last Government’s spending spree and the extraordinary stimulus to the economy the Bank of England offered,http://italiansoccerseriea.com/2008/...ien-frey.aspx/, with 0.5 per cent Bank rate and a £200bn direct injection of money into the economy, the so-called “quantitative easing” programme. Plus approaching £1 trillion in special loans, guarantees and capital injections to the banks.
Looking ahead there is every reason to think we will follow the path the US has trailed – robust growth based on injections of cash form the authorities but, as soon as that starts to disappear, growth stalling.
Let’s not get too excited about those admittedly very encouraging GDP growth figures. First,Cheap Moncler Jackets, there was always going to be an element of bounceback. Bounceback from the bad weather in the first part of the year, and, more significantly a bounceback in firms building up their much-depleted stocks, what economist call the “inventory cycle”,http://blog.cougarfest.info/2009/10/...en-plaza.aspx/,Moncler Women Hoodies, which exaggerates things on the way down and on the way up.