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George says pre-budget report did affect markets

Bank of England governor Eddie George claims Chancellor Gordon Brown’s Pre-budget report did not have any major impact on the outlook of the economy, according to the Evening Standard.

George told the House of Commons Treasury Select Committee that the report’s fiscal impact was not really highly significant as it reversed a large part of the unexpected revenues taken by the Government since the budget in March.

He also said the banks monetary policy committee would not hesitate to raise interest rates after the next budget if there was a big tax give-away that threatened the inflation target.

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