London and South East Alumni Group - The UK Economy: what is going on?

8 May 2013

London and South East Alumni Group - The UK Economy: what is going on?

Henley's London and South East Alumni Group were pleased to bring you a topical evening with Lorna Pringle from the Bank of England.

Henley's London and South East Alumni Group were pleased to bring you a topical evening with Lorna Pringle from the Bank of England.

UK output growth remains subdued, which is in sharp contrast to the continued strength in employment growth, so labour productivity has fallen. A slow but sustained recovery is expected through a continued easing in domestic credit conditions and a stronger global backdrop. However, inflation remains stubbornly above target despite weak pay growth. The consumer price index (CPI) is likely to rise further in the near term and may remain above the 2% target for the next two years.

The Bank has done much work to understand the weakness in productivity. Lorna explained the findings and what they might mean for future growth and employment in the UK. 

Lorna Pringle

Lorna joined the Bank of England in 1990. Prior to becoming deputy agent for the Greater London Agency, she worked in several analytical areas of the Bank's head office, including roles in monetary analysis and statistics. Immediately before joining the Greater London Agency, she was the compensation and benefits analyst in Human Resources. Early in her career she undertook a sponsored BA in Economics & Mathematical Sciences and more recently achieved aChartered Institute of Personnel and Development (CIPD) Postgraduate Certificate in Leadership and Management.