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MPC will be disappointed by budget says R&SAIM

The Monetary Policy Committee will be disappointed by the Budget because it offers no help for interest rate expectations according to a former senior Bank of England economist.

Steven Andrew, now senior economist with Royal & Sun Alliance Investment Management after 10 years with the Bank, says Brown announced more Government spending but no offsetting measures to slow down consumer spending.

Andrew also says the growth forecast for 2003 of 3 to 3.5 per cent and for 2004 of 2.5 to 3 per cent leaves scope for disappointment if they are not met.

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