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Reply #32: Plan to tap pension cash to help ailing economy [View All]

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xchrom Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Nov-28-11 09:09 AM
Response to Reply #9
32. Plan to tap pension cash to help ailing economy

(Reuters) - The government unveiled plans on Monday to tap pension funds for the lion's share of an investment of up to 30 billion pounds in big building projects to help to revitalise a stagnant economy forecast to slip back into recession next year.

The measures are the latest in a drip feed of government announcements ahead of Chancellor George Osborne's autumn statement on Tuesday when growth forecasts will be cut as the euro zone crisis bites.

The OECD forecast on Monday that Britain would suffer a modest recession next year, urging the Bank of England to expand its asset purchase programme designed at shoring up a faltering economy.

Adding to the gloom, retail sales fell at their fastest pace in 2-1/2 years in November, a survey by business lobby the CBI showed.
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