{"id":9983,"date":"2011-05-12T12:04:35","date_gmt":"2011-05-12T11:04:35","guid":{"rendered":"http:\/\/www.taxresearch.org.uk\/Blog\/?p=9983"},"modified":"2011-05-12T12:04:49","modified_gmt":"2011-05-12T11:04:49","slug":"bank-of-england-set-to-engineer-recession-2-the-sequel-34-and-5-to-follow-later","status":"publish","type":"post","link":"https:\/\/www.taxresearch.org.uk\/Blog\/2011\/05\/12\/bank-of-england-set-to-engineer-recession-2-the-sequel-34-and-5-to-follow-later\/","title":{"rendered":"Bank of England set to release Recession 2: The Sequel (3,4 and 5 to follow later)"},"content":{"rendered":"<p>It looks like the Bank of England wants to send us back into recession. <a href=\"http:\/\/www.ft.com\/cms\/s\/0\/7824e6a8-7c16-11e0-a386-00144feabdc0.html#ixzz1M8PJisSx\" target=\"_blank\">As the FT note<\/a>s:<\/p>\n<blockquote><p>Mervyn King, governor of the Bank of England, has forecast slower growth and higher inflation, warning that Britain faces a \u201cdifficult time ahead\u201d.<\/p>\n<p>Even with the weak outlook, the Bank signalled on Wednesday that there was likely to be a rate rise this year, economists said. According to Mr King\u2019s forecasts, inflation is on track to hit 5 per cent this year and remain higher than the Bank\u2019s 2 per cent target.<\/p><\/blockquote>\n<p>As King admitted\u00a0yesterday, much of this inflation is down to fuel prices. A lot of the rest is VAT rises. Putting up\u00a0interest\u00a0rates will not impact either in amy material way but it will drive up the cost of living of millions of househol;ds, so tipping the economy back into recession.<\/p>\n<p>The madness of neoliberal economics\u00a0continues\u00a0to\u00a0reign.<\/p>\n<p>King got it wrong before the crash. It looks like he's not learned much as a result of it.<\/p>\n<p>I quietly despair.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>It looks like the Bank of England wants to send us back into recession. As the FT notes: Mervyn King, governor of the Bank of<br \/><a class=\"moretag\" href=\"https:\/\/www.taxresearch.org.uk\/Blog\/2011\/05\/12\/bank-of-england-set-to-engineer-recession-2-the-sequel-34-and-5-to-follow-later\/\"><em> Read the full article&#8230;<\/em><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[35],"tags":[],"class_list":["post-9983","post","type-post","status-publish","format-standard","hentry","category-economics"],"_links":{"self":[{"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/posts\/9983","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/comments?post=9983"}],"version-history":[{"count":0,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/posts\/9983\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/media?parent=9983"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/categories?post=9983"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/tags?post=9983"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}