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2, August 2019

Bank of England ‘Golden Harvest’ forecast

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We're all going to have loads more money according to the Bank of England

We’re all going to have loads more money according to the Bank of England

Mark Carney, current Governor of the Bank of England, at least until January, has given the UK economy a massive boost by predicting a vast rise in absolutely everything over the next two years.

The previous forecast of only a small rise in the UK economy has been upgraded to a massive 12.5% which is like winning the lottery in Bank forecast terms.

The Bank’s outlook for growth in 2020 has also increased from 1% to 14.5%.

Together, that’s the equivalent of another £40 per week in everyone’s pay packet, although Big Bosses will get considerably more because they are Big, well-connected and do more actual work than their workers.

The forecasts are based on an assumption, as all forecasts are, that PM Boris Johnson will steer the UK through murky economic waters and emerge into the clear blue seas of Brexit.

The Bank is keeping interest rates the same but it has warned that as the economy picks up, rates will rise, probably to pre-2009 levels of 5%.

That’s not enough to worry Mr Average with his increased pay packet but it will put a smile on the face of old people and savers.

In the event of a no-deal Brexit, Mr Carney said the advantages of creating our own world—wide trade deals would likely boost the economy even further.

As the official line is that there will be a smooth Brexit exit, the Bank is not able to make fantasy forecasts, even though that is what it has been doing since Carney took over as Governor.

Mr Carney added: “If it all goes pear-shaped, we can simply print more money as we have done in the past. But by that time it won’t be my problem.”

He patted his wallet and went back to packing.

UK PM, Boris Johnson, said: “That is remarkably good news but I fear he may be a little over-optimistic.”

Mark Carney’s economic forecasts to date have been abysmal so Mr Johnson could well be right.

Ref: BBC News Bank of England cuts UK growth forecast

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