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Bank of England pours scorn on early recovery hopes

The Bank of England has today fuelled speculation that the UK economy is still some way off a solid recovery with expectations that the quantitative easing program could be extended beyond the £200 billion fund confirmed so far. This would indicate that maybe the Bank of England is aware of economic information which is not yet in the public domain?

Only a few days ago the Governor of the Bank of England, Mervyn King, had been talking up the prospects for the UK economy and mentioned that he was cautiously optimistic for the future. The fact that the Bank of England appears willing to increase the £200 billion quantitative easing program is a worry in itself as is the sluggish performance of the UK economy over the last few weeks.

This will do nothing to calm the nerves of traders and investors, both in the UK and outside of the UK, who are praying for a short-term recovery. Interestingly, it does appear as though more and more business leaders and consumers in the UK are turning positive on the economy with a recent opinion poll showing that the Labour Party has cut the Conservative Party's lead in the polls to a mere seven percentage points.

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