King leaves UK close to top of weak EU league

15 May 2013 By Ian Campbell

The outgoing governor of the Bank of England was asked to compare the UK to a football team: relegation or one of Europe’s elite? Mervyn King dodged the question, but modest recovery is enough to make the UK a strong contender in a poor European league. King can claim some credit.

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In his final appearance at a Bank of England quarterly inflation report press conference, Mervyn King, the outgoing governor, said that he was able to predict a better outlook than expected three months previously for the first time since the global financial crisis began. King expects bank growth to be a little stronger and inflation a little weaker. Annual inflation, currently running at 2.8 percent, is likely to fall back to around the bank’s 2.0 percent target in two years’ time. That was lower than a forecast of 2.3 percent the Bank of England issued in February.

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