George ready

EDDIE GEORGE, the Governor of the Bank of England, last night admitted that UK growth could be weaker than the Bank has forecast, and repeated that he was ready to cut rates again if needed.

However, speaking at the annual Institute of Directors dinner, he defended the Bank's earlier hikes in interest rates.

Meanwhile, figures released yesterday showed that M4 money supply grew faster than expected last month - further evidence that the UK is not experiencing a "credit crunch", according to City analysts.