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May 16th, 2012 
FAKE NEWS for the Zionist agenda Governor Sir Mervyn King warned that the eurozone area posed the greatest threat to the UK economic recovery.
King was speaking as the Bank of England predicted that the UK economy will not reach pre-financial crisis levels until 2014.
While the Bank said it did not see a “meaningful way” of factoring in an extreme financial event – such as the collapse of the euro – into its projections, it said the biggest risk to recovery stems from the single currency bloc, the UK’s main trading partner.
As well as revising its prediction for this year’s economic growth, the Bank said the rate of inflation will not fall as quickly as previously thought, and is expected to remain above the government’s 2 percent target “for the next year or so”.
However, speaking from the City on Wednesday morning, King stressed that “forecasting is not about producing a number or a spot the ball contest,” and that “the most that you can hope to do is to assess the balance of risks.”
GDP is expected to grow around 2 percent in 2013, compared with the Bank’s previous estimate of around 3 percent.
Meanwhile, the consumer prices index (CPI) rate of inflation is not likely to meet the 2 percent target until mid-2013, rather than the end of the year, and will still be around 2.5 percent at the end of this year.
Sir Mervyn said weak growth and high inflation have been the unavoidable consequences of the financial crisis, that have been “painful for everyone in our society”.
“We are navigating through turbulent waters, with the risk of a storm heading our way from the continent”, he said.
MOL/JR/HE
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