Mervyn King testifies to UK Treasury committee

TSC Opening Statement 18 September 2003

Mervyn King, Governor Of The Bank Of England

Chairman, I am grateful for this opportunity to explain the Monetary Policy Committee's thinking about the current state of the British economy.

For several years the UK economy has grown at, or even above, its probable trend rate, and inflation has been close to its 2.5% target. But in the first half of this year growth is estimated to have slowed sharply, although consumer spending has surprised by its resi

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