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Bank of England joins the doom and gloom party

Spencer Dale, the chief economist at the Bank of England, today issued a statement regarding the UK economy which on the surface appeared to be fairly upbeat and optimistic. However, on further investigation it appears there are a number of issues which need to be resolved in the short to medium term before the UK economy can "stand on its own 2 feet". Even though Spencer Dale would appear hopeful for the future even he has admitted there are issues which need to be addressed and issues which could possibly knock the UK recovery off track.

A number of surveys over the last couple of days have given mixed opinions on the UK economy although there is a general consensus that 2010 could be a very difficult year indeed. When you also take in the fact that the UK government will at some point need to end the various fiscal stimulus programs in place this could be a very telling period for the UK economy. Unemployment is certain to increase for the foreseeable future, banks are unwilling to roll out extra liquidity and there is a feeling that the UK consumer is being a little over-optimistic in the short to medium term.

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