BOE’s damning verdict on the UK economy

20th September 2012

Yesterday we received an update on what the Bank of England thinks about the UK economy. I only partly mean the Monetary Policy Committee minutes because we also got an up to date report from the Bank's twelve regional offices or agents. These agents give a report on developments in the UK economy at each MPC meeting.

The latest report from the Bank's agents

First let us discuss what is covered:

This publication is a summary of monthly reports compiled by the Bank of England's Agents following discussions with contacts in the period between late July 2012 and late August 2012. It provides information on the state of business conditions from companies across all sectors of the economy.

Okay so what do we learn?

The Good

Spending on consumer goods and services continued to grow at a gradual pace.

Turnover in the business service sector was rising at a gradual pace, as the volume of activity edged higher

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