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Bank of England warns: 'There's NOTHING we can do to stop the pain of prices soaring'
July 14, 2008 (The Evening Standard)
The Bank of England yesterday warned it can do nothing to alleviate the pain of rapidly rising prices over the coming months.
Governor Mervyn King signalled living standards will continue to be squeezed by inflation-busting increases on food and fuel well into 2009.
Attempting to curb the rampant price increases by raising interest rates sharply could lead to an even more painful economic downturn, he said.
Mr King made the comments in the Bank's annual report amid new evidence that the pressure on incomes is intensifying. more...
AntiSpin: Now isn't that refreshingly honest?
July 14, 2008 (The Evening Standard)
The Bank of England yesterday warned it can do nothing to alleviate the pain of rapidly rising prices over the coming months.
Governor Mervyn King signalled living standards will continue to be squeezed by inflation-busting increases on food and fuel well into 2009.
Attempting to curb the rampant price increases by raising interest rates sharply could lead to an even more painful economic downturn, he said.
Mr King made the comments in the Bank's annual report amid new evidence that the pressure on incomes is intensifying. more...
AntiSpin: Now isn't that refreshingly honest?
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