May 15 - Bank of England Governor Mervyn King offered hope of improved growth and weaker inflation at his final presentation of the quarterly inflation report.
Central banks all old about. Stability. Post twenty of those that. Have been a time of almost continuous revolution. More in this time of the most famous civil Central Bank governors sharing of power. And in the traditions of the Bank of England. Collapse of the PR him. Introduction of inflation targeting Central Bank independence. The banking crisis at home and crises galore parole. New responsibilities. To the bank. Or reflect an extraordinary. Period of change today's projections soulful credits to be a little stronger. And inflation and that we can that we expected three months ago. That's the first time I've been able to say that since before the financial crisis. Our economy still faces the challenge. Of a substantial rebounds. Following the reassessment future incomes and spending shouldn't traded on the crisis. It hasn't been typical recession. -- want -- typical recovery. Nevertheless -- recovery is in sight. Output grew by new point 3% to this -- and growth is likely to strengthen over the course of the year Peter -- awful costs. Control costs for inflation past to present a great deal of room to maneuver -- You know I think we all bit cautious. But it's still an instrument remains open to the committee if it wishes he is in the future. Attempting to return inflation to target too rapidly. Would result in even slower growth and Ohio unemployment. That in turn would risk eroding the medium term supply capacity of the economy. But allowing inflation to stay -- for too long. Could cause households and businesses. To begin to doubt the MPC's commitment to meeting the inflation target. That by putting at risk medium term price stability within a -- media. Picked. I'm very optimistic about the future. Of its team of very good young players. I think -- -- I think with the right leadership. You can afford to have very successful. Future seasons another predict. Precise numbers -- positions.