Britain: No Terra Firma For This Soft Landing

Published on:
12 September 2006 at 10:19 a.m. ET

Written by: Unknown Author –

http://www.insidearm.com/news/00022571-britain-no-terra-firma-for-this-soft-land/

By James C. Cooper & Kathleen Madigan, Business Week

The Bank of England’s attempt to bring Britain’s highflying economy in for a soft landing is starting to reach the nail-biting stage.

Fears are growing, even within the BOE, that consumer spending is faltering in response to past hikes in interest rates and soaring energy bills. Two policymakers voted to cut rates at the bank’s June 8-9 meeting, dissenting from the majority decision to hold rates steady, according to minutes released on June 22.

At the center of the drama is Britain’s housing bubble, which began to lose air in the second half of last year. Although the growth rate of house prices has slowed sharply, a generally healthy economy has helped to allay worries over a collapse. Now the economic outlook is dimming.

For this complete story, please visit Britain: No Terra Firma For This Soft Landing.

Britain: No Terra Firma For This Soft Landing

Unknown Author

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