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Result of the Bank of England MPC meeting announced

In what was possibly one of the worst kept secrets for many years, the Bank of England MPC today announced that UK base rates would remain at 0.5%. This is the 18th month in succession that UK base rates have remained at 0.5% and with recent economic data suggesting a slowdown in the UK recovery it seems as though UK base rates will remain at this level for some time to come.

Not only is the UK economy showing signs of a slowdown but there is a suggestion that the worldwide economy is turning downwards as well. The news from the MPC came just after official data showed that the UK trade deficit increased to £8.7 billion in July. Despite the fact that UK GDP grew by 1.2% between April and June this year it seems almost certain that the UK economy is running out of steam. There are many who believe that the UK authorities will be forced to bring in various fiscal assistance programs which may well be needed to stop the UK wheels of business grinding to a halt.

Those who believe we are over the worst of the worldwide recession need to think again because it looks as though the situation could become very difficult in the short term.

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