Bank of England Inflation Report Press Conference. August 2012

Bank of England Inflation Report Press Conference. August 2012

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The opening remarks by Mervyn King, Governor of the Bank of England, at the Inflation Report Press Conference held on 08 August 2012.  M.M.: There has been a remarkable fall in inflation from almost 5% a year to a 2% rate trend. “We are navigating rough waters” he said. “output almost flat during the past two years”.  It seems to us he is not very capable in understanding what is going on with productivity. UK Economy seems to be in a Liquidity Trap and exports are weakening. Interesting data on Q.E. “Outlook for growth forecast and inflation expectations are weaker than in May”, so nominal GDP growth makes fiscal structural imbalance worse. To his words about the Olympic Spirit we respond in Spain: ¡Viva Cartagena!

The original 10 minutes video below was shoot down but you can see it extended  here:

http://streamstudio.world-television.com/CCUIv3/frameset.aspx?ticket=117-118-11761&target=en-default-&status=ondemand&browser=ie-11-0-0-11-0&stream=wm-video-400

Inflation Chart and forecast (click to enlarge)

GDP Chart and forecast (click to enlarge)

QE Chart and forecast (click to enlarge)

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