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UK: BOE sees subdued growth due to fiscal tightening with inflation dropping below target rates
The Bank of England recently reported that while the British economic recovery should pick up intensity in the near-term due to stimulus measures and a weaker pound, overall it will likely be restricted by the need for “substantial fiscal tightening”. Moreover, the BOE predicted inflation dropping below the 2% target in the forecast period due to “the persistent margin of spare capacity.”

The Bank of England quarterly publishes a report of the detailed economic analysis and inflation projections on which the Bank's Monetary Policy Committee bases its interest rate decisions, and presents an assessment of the prospects for UK inflation over the following two years. A high reading is seen as positive (or Bullish) for the GBP, whereas a low reading is seen as negative.