{"id":5985,"date":"2022-07-01T10:31:01","date_gmt":"2022-07-01T09:31:01","guid":{"rendered":"https:\/\/finseta.com\/?p=5985"},"modified":"2022-08-08T11:35:02","modified_gmt":"2022-08-08T10:35:02","slug":"boe-governor-sets-out-a-gloomy-outlook-for-uk-economy","status":"publish","type":"post","link":"https:\/\/finseta.com\/ca-en\/boe-governor-sets-out-a-gloomy-outlook-for-uk-economy\/","title":{"rendered":"BoE Governor sets out a gloomy outlook for UK economy"},"content":{"rendered":"\n

The biggest economic news this week came yesterday when the Governor of the Bank of England, Andrew Bailey delivered a speech at the ECB\u2019s conference in Portugal<\/a>.<\/p>\n\n\n\n

In his speech, Bailey said: \u201cI think the UK economy is probably weakening rather earlier and somewhat more than others.\u201d<\/p>\n\n\n\n

He also hinted that interest rates could rise by 0.5% at the next monetary policy meeting in August and that the Bank was ready to take more forceful steps should the need arise.<\/p>\n\n\n\n

In the middle of the week, we saw figures released showing that US<\/a> GDP was slightly lower than expected at -1.6% and that UK GDP was where it was expected to be at 0.8%.<\/p>\n\n\n\n

As the week closes, we\u2019ve seen multiple variations across news sources that the numbers are now showing that Sterling<\/a> has had its worst six-month period since the initial post-Brexit period in 2016.<\/p>\n\n\n\n

We\u2019ve seen the pound stay pretty steady against the Euro<\/a> ending the week where it began. However, against USD<\/a>, we\u2019ve seen a drop of a couple of points in the last few days. The week has also seen Euro\/Dollar move a little closer to parity, something many commentators are now predicting as inevitable.<\/p>\n\n\n\n

Around the world, we saw Russia default on its sovereign debt and in Sri Lanka, petrol sales have been severely restricted\/banned as the country grapples with a very difficult economic and political situation.<\/p>\n\n\n\n

To end on something bizarre and yet slightly comical this week, in North Korea, the esteemed Supreme Leader Kim Jong Un has formally declared that Covid-19 was in fact brought to earth by \u2018alien things!\u2019<\/p>\n","protected":false},"excerpt":{"rendered":"

The biggest economic news this week came yesterday when the Governor of the Bank of England, Andrew Bailey delivered a speech at the ECB\u2019s conference in Portugal. In his speech, Bailey said: \u201cI think the UK economy is probably weakening rather earlier and somewhat more than others.\u201d He also hinted that interest rates could rise […]<\/p>\n","protected":false},"author":221728552,"featured_media":5992,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"content-type":"","_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_wpcom_ai_launchpad_first_post":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"{title}\n\n{excerpt}\n\n{url}","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"_wpas_customize_per_network":false,"jetpack_post_was_ever_published":false},"categories":[1375],"tags":[1483],"class_list":["post-5985","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-weekly-update","tag-gbp"],"acf":[],"yoast_head":"\nBoE Governor sets out a gloomy outlook for UK economy - Finseta<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/finseta.com\/ca-en\/boe-governor-sets-out-a-gloomy-outlook-for-uk-economy\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"BoE Governor sets out a gloomy outlook for UK economy - Finseta\" \/>\n<meta property=\"og:description\" content=\"The biggest economic news this week came yesterday when the Governor of the Bank of England, Andrew Bailey delivered a speech at the ECB\u2019s conference in Portugal. 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