Financial spread trading markets are rather subdued this afternoon after the bank of England cut its economic forecast for growth sharply after the financial crisis has inflicted more damage on the UK economy than previously thought.
However, rates will not be changing as Mervyn King states that lowering the base rate would be counterproductive if anything at this point.
The situation in Europe is still very unpredictable, making it very hard to put a figure on UK growth bearing in mind how much we export to Europe.
Inflation is also expected to stay below the 2% target for the next two years.
Standard Chartered, after taking a huge hit to its share price yesterday, seems to be recovering slightly as the probe into hidden transactions linked to Iran continues.
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Market Review by Spreadex.
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