BoE's Lomax notes dramatic shift in outlook

The persisting financial turmoil and the build up in global inflationary pressures have led to a dramatic change in the outlook for 2008 and beyond, Rachel Lomax, a deputy governor at the Bank of England, said.

Though relatively little in the headline macroeconomic data indicated a marked change in view, the global turbulence and soaring prices for energy and food were "symptomatic of profound changes in the global economy."

The Bank believed that the recent financial stress would hamper demand

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