The Governor of The Bank of England, Sir Mervyn King has defended the UK Central Bank’s decision to revive its stimulus programme after official figures showed inflation rampaging ahead.

Speaking to an audience of company directors in Liverpool Mr King said that the pick up in the annual inflation rate to 5.2% in the 12 months to September 2011 was in line with expectations.

According to the Bank’s Monetary Policy Committee, inflation will soon start to fall. At the same meeting, Sir Mervyn King issued another prognosis, not only on the UK but on the global economy.

He stated that Britain is at risk from a fundamental crisis in the world economy and “time is running out” to solve it.

Despite record low interest rates, printing new money for quantative easing and other emergency measures, Governments have not yet addressed the underlying problem of overspending that was the cause of the financial crisis.

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