Bank sets a course set for modest growth

I have been asked to say a few words about the outlook for the British economy. Last year, the economy notched up growth of 2.7%, close to its average rate over the past decade. That growth was underpinned by a recovery in consumer spending from its weakness the previous year, a revival in business investment and an expansion in exports buoyed by continuing robust growth overseas. Although the services sector remains the primary source of growth, we have also seen a welcome, if modest, recovery in the fortunes of manufacturing. The Bank's Monetary Policy Committee believes that there ar...