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Bank of England cuts growth projection

The governor of the Bank of England has issued gloomy projections for the state of the UK economy this year. In November, Mervyn King said that expansion will slow this year from its current rate of three per cent to two per cent. However, addressing journalists today, Mr King downwardly adjusted the rate of projected GDP growth, noting that it could dip as low as 1.6 per cent by the end of the year. Mr King downplayed the effect this would on the general public, however, and said that the impact of any downturn would be principally felt by workers in the financial services and property sectors. He said: "It's very striking that once you get away from London and the City, the mood music is really very different. "It's certainly not a message of doom and gloom you get from people who are not connected with financial services and property."

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