BoE's Besley sees reduction in consumption growth
Speaking at the Institute for Fiscal Studies, London, on 18 February, Timothy Besley, a member of the Bank of England's Monetary Policy Committee, said that recent shocks to the UK economy "have created a challenge to policy."
British banks' reluctance to lend money after the collapse of the US subprime mortgage market will restrain consumer spending and economic growth, he said.
"With credit conditions tightening, we might expect a significant reduction in consumption growth over the coming
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