Global turmoil behind UK weakness, warns Dale

International developments will largely drive policy decisions by the Bank of England in the coming months, the bank's chief economist yesterday.

Spencer Dale said the British economy was likely to steadily weaken through the rest of the year. "The main reason why our economic outlook has deteriorated very substantially over the past few months is what's happening in the rest of the world, and therefore, how we will set the stance of policy going forward," he told Reuters news agency.