The UK economy grew by just 0.3% during the three months ending in November, according to an estimate by the National Institute of Economic and Social Research (Niesr).
According to the independent economic research institute, economic growth in the UK “remains subdued”. The organisation suggests that the Bank of England should consider further loosening of its monetary policy.
Niesr points out that UK GDP expanded by 0.4% in the three months ending in October and predicts that the output will not pass its peak of early 2008 until 2013.
Earlier today, the British Chambers of Commerce called on the Bank to increase its quantitative easing (QE) programme by £50 billion to £325 billion to increase confidence and bolster economic growth.
The Bank’s Monetary Policy Committee will announce tomorrow whether it intends to make any changes to the UK base interest rate and QE programme.
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