Business Services Industry
Bank of England Keeps Interest Rates Steady in Face of Bleak Economic Outlook.
Knight Ridder/Tribune Business News, October, 2002
By Ruth Sunderland, Daily Mail, London Knight Ridder/Tribune Business News
Oct. 11--The Bank of England's decision to keep interest rates steady at 4 percent was made against the backdrop of a grim outlook for the global economy and turmoil on world stock markets.
Recovery from the shock of September 11 has been both slow and weak, according to a United Nations report. The UN expected the world economy to be on the mend by this time, but now reckons that a recovery will not emerge until mid-2003.
It forecasts world growth of 1.8 percent this year, and has revised its prediction for next year down to 2.9 percent from 3.2 percent.
Major economies are suffering in varying degrees from a cocktail of slow growth, worsening fiscal...
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