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- Title
The Governor's speech at the Mansion House.
- Abstract
This article informs that the Bank of England has now raised interest rates four times since November. Although, interest rates in Great Britain has been highest in the G7, Great Britain is yet to experience a single quarter of falling output for over a decade. Indeed, it is the relative strength of the economy in Great Britain that explains those differences in interest rates. But a synchronized recovery in the rest of the industrialized world is now under way. The U.S. economy has created over one million jobs this year. Even in the euro area and Japan, where domestic demand has been weak, growth in the first quarter was the fastest for several years. As a result, the world interest rate cycle has now turned. Over the past three months expectations of interest rates among all the major industrial countries have risen as recovery has become more firmly established.
- Subjects
UNITED Kingdom; BANK of England; INTEREST rates; MONETARY policy; FINANCE; DEVELOPED countries
- Publication
Bank of England Quarterly Bulletin, 2004, Vol 44, Issue 3, p349
- ISSN
0005-5166
- Publication type
Article