To hit Mr Brown's forecast now, quarterly growth would have to average around 1.0 percent in the remaining three quarters which looks very unlikely.
More Quotes from Jonathan Loynes:
Looking ahead, rising gas and electricity bills could keep inflation close to current levels for the next few months. But we expect further falls in core inflation and fading energy effects to push the headline rate well below target in the second half of the year.Jonathan Loynes
Today's cuts add a bit of pressure, ... but they're not the key factor. We're at dramatically different stages of the economic cycle (from Europe), and there are perfectly good reasons for the MPC to lower rates aggressively regardless of events on the Continent.
Jonathan Loynes
A very weak report, casting doubt on the Monetary Policy Committee's assumption that household spending will grow in line with its long-term average over the next three years and boosting the chances of a rate cut.
Jonathan Loynes
I don't think he can put off the inevitable. Sometime in the next two years he will have to raise taxes but he won't want to leave it too late in the political cycle.
Jonathan Loynes
Job creation is concentrated in the service sector, ... High-growth areas such as financial services and information technology require skilled workers.
Jonathan Loynes
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