The Bank of England says the worst of the credit crunch is behind the UK, but the rhetoric from the central bank may have more to do with wishful thinking than actual analysis, writes Philip Aldrick. While the Bank says otherwise, most others agree that economic conditions will get worse. "We're at the end of the beginning, not the beginning of the end," said Gerard Lyons, chief economist at Standard Chartered. "The next chapter will be a period of financial consolidation and economic challenges. The Bank clearly hopes that it can restore confidence to the financial markets so they are in better shape to handle future economic problems."
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