Bank of England Inflation Report, May 2002
The UK economy slowed to a standstill by the end of 2001, but surveys suggest that recovery is now under way. Exports and business investment fell in the wake of the global downturn, but strong growth in private and public consumption mitigated the impact on activity and the employment rate has barely fallen. Oil prices have risen, but underlying earnings growth has edged down and RPIX inflation has stayed close to the 2.5% target. The Committee's
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