Get real on [UK GROWTH],
ByGet real on [UK GROWTH], but there is too much 'doom and gloom'
surrounding the CSR. That's the view on Britain's economy from the
Institute of Directors [IOD] as they f/c a 'square root' shaped recovery
with growth of 1.2% in 2011, down from the initial 1.8% prediction. The
view severely undercooks outlooks from the BoE (3%) and OBR (2.3%). The
IoD also serves a chilling warning that if it is correct, ie a flat growth
projection, then the Chanc may have to make more cuts or raise taxes to
keep his deficit cutting plan on track. Meanwhile, the BoE said yest it
will invoke its Secured Commercial Paper Facility. The programme aims to
help medium size businesses that do not have access to the bond market
allowing them to secure cash against their assets. Note also, King,
Tucker and Dale all testify before a House of Lords Committee (at
15.30GMT) ahead of Wed's Nov MPC mins and after UK CPI today (9.30GMT)
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