The Guardian - We suspect that growth will continue to soften through the rest of the year. The effects of the credit crunch, which is raising the cost of borrowing, while at the same time restricting access to capital, plus negative real wage growth and falling asset prices suggests that activity will continue to moderate. While the near-term inflation threat suggests only gradual BoE policy easing, a sharp global downturn will help to ease commodity price appreciation and also constrain pricing power.