The UK's stagnant economy is poised to receive a much-needed boost as the government is expected to embark on fresh monetary stimulus in the coming months.
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Further stresses in the financial system and mounting evidence of weakening global growth increased the likelihood of a second programme of asset purchases, Goldman Sachs said in a report released this month. The Bank of England's monetary policy committee has already bought £200 billion of assets already under its first quantitative easing (QE) programme. The move involved buying government gilts.
"With gilt yields now lower than they were under QE1, the impact under QE2 is likely to be smaller. But it is still likely to be substantial," the Goldman economists Kevin Daly and Adrian Paul wrote in the report.
Economic growth has remained sluggish since the government began pushing through a £111bn austerity drive in a bid to cut the country's budget deficit.
Fresh signs of gloom emerged last week as data showed manufacturing slipped to a 26-month low and house prices dropped.
GDP growth forecasts for the UK were lowered for this year from 1.5 per cent to 1.4 per cent, the bank said.
Goldman also lowered its growth expectation for next year from 2.5 per cent to 2.3 per cent.
It shifted back its forecast for the first interest rate increase from the last quarter of next year until 2013.
Indications that the policy committee might be more willing to consider new asset purchases emerged at its meeting last month.
Some members of the committee said asset purchases might be necessary if "downside risks" increased, the minutes showed.
tarnold@thenational.ae
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Jawan
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Israel Palestine on Swedish TV 1958-1989
Director: Goran Hugo Olsson
Rating: 5/5
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SPECS
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BIRD%20BOX%20BARCELONA
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If you go
The flights
Emirates and Etihad fly direct to Nairobi, with fares starting from Dh1,695. The resort can be reached from Nairobi via a 35-minute flight from Wilson Airport or Jomo Kenyatta International Airport, or by road, which takes at least three hours.
The rooms
Rooms at Fairmont Mount Kenya range from Dh1,870 per night for a deluxe room to Dh11,000 per night for the William Holden Cottage.
It’ll be summer in the city as car show tries to move with the times
If 2008 was the year that rocked Detroit, 2019 will be when Motor City gives its annual car extravaganza a revamp that aims to move with the times.
A major change is that this week's North American International Auto Show will be the last to be held in January, after which the event will switch to June.
The new date, organisers said, will allow exhibitors to move vehicles and activities outside the Cobo Center's halls and into other city venues, unencumbered by cold January weather, exemplified this week by snow and ice.
In a market in which trends can easily be outpaced beyond one event, the need to do so was probably exacerbated by the decision of Germany's big three carmakers – BMW, Mercedes-Benz and Audi – to skip the auto show this year.
The show has long allowed car enthusiasts to sit behind the wheel of the latest models at the start of the calendar year but a more fluid car market in an online world has made sales less seasonal.
Similarly, everyday technology seems to be catching up on those whose job it is to get behind microphones and try and tempt the visiting public into making a purchase.
Although sparkly announcers clasp iPads and outline the technical gadgetry hidden beneath bonnets, people's obsession with their own smartphones often appeared to offer a more tempting distraction.
“It's maddening,” said one such worker at Nissan's stand.
The absence of some pizzazz, as well as top marques, was also noted by patrons.
“It looks like there are a few less cars this year,” one annual attendee said of this year's exhibitors.
“I can't help but think it's easier to stay at home than to brave the snow and come here.”
Greatest of All Time
Starring: Vijay, Sneha, Prashanth, Prabhu Deva, Mohan
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The Perfect Couple
Starring: Nicole Kidman, Liev Schreiber, Jack Reynor
Creator: Jenna Lamia
Rating: 3/5
THE SPECS
Engine: 1.5-litre turbocharged four-cylinder
Transmission: Constant Variable (CVT)
Power: 141bhp
Torque: 250Nm
Price: Dh64,500
On sale: Now
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Fitness problems in men's tennis
Andy Murray - hip
Novak Djokovic - elbow
Roger Federer - back
Stan Wawrinka - knee
Kei Nishikori - wrist
Marin Cilic - adductor
TOUR RESULTS AND FIXTURES
June 3: NZ Provincial Barbarians 7 Lions 13
June 7: Blues 22 Lions 16
June 10: Crusaders 3 Lions 12
June 13: Highlanders 23 Lions 22
June 17: Maori All Blacks 10 Lions 32
June 20: Chiefs 6 Lions 34
June 24: New Zealand 30 Lions 15
June 27: Hurricanes 31 Lions 31
July 1: New Zealand 21 Lions 24
July 8: New Zealand v Lions
SQUADS
India
Virat Kohli (captain), Rohit Sharma (vice-captain), Shikhar Dhawan, Ajinkya Rahane, Manish Pandey, Kedar Jadhav, Dinesh Karthik, Mahendra Singh Dhoni (wicketkeeper), Hardik Pandya, Axar Patel, Kuldeep Yadav, Yuzvendra Chahal, Jasprit Bumrah, Bhuvneshwar Kumar, Shardul Thakur
New Zealand
Kane Williamson (captain), Martin Guptill, Colin Munro, Ross Taylor, Tom Latham (wicketkeeper), Henry Nicholls, Ish Sodhi, George Worker, Glenn Phillips, Matt Henry, Colin de Grandhomme, Mitchell Santner, Tim Southee, Adam Milne, Trent Boult
MATCH INFO
Day 2 at the Gabba
Australia 312-1
Warner 151 not out, Burns 97, Labuschagne 55 not out
Pakistan 240
Shafiq 76, Starc 4-52