BoE's Nickell warns on growth shortfall in UK

The economy faces a 'serious risk' that economic growth will fall short of the Bank of England's forecasts, Stephen Nickell, a member of the central bank's rate-setting body told the Financial Times.

In an interview, Nickell warned that consumer expenditure growth was being hit by sky-high oil prices, increasing slack in the labour market and high levels of household debt.

Though he still reckons the economy will bounce back, he insisted the future course of interest rates depended on whether