UK seen to expand this year
Source: Agencies |
May 4, 2012, Friday
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Print Edition
Print Edition
BRITAIN'S economy should start growing again this year, though the recovery from recession is likely to be slow, the Bank of England's governor said yesterday, a day after he conceded that the central bank should have done more to rein in bank excesses in the run-up to the financial crisis.
Though Britain is back in recession after two consecutive quarters of negative growth, there has been some positive survey data lately that may point to a recovery ahead despite high energy and commodity costs, Governor Mervyn King said.
"There are indeed signs of a recovery coming and we see that in the business surveys and I think also in the employment data," King said. "So I think a reasonable view would be that we would start to see steady, slow recovery coming during the course of the year."
King said the government's strategy of reducing deficits, accepting a fall in the value of sterling and rebalancing was "an absolutely textbook response" to the crisis, which forced taxpayers to bail out two major banks and drove Britain into a slump that ended in 2009.
"If it had not been for the squeeze on real take-home pay being exacerbated by the rise in energy and food prices then I think we would have seen some growth," he said.
Though Britain is back in recession after two consecutive quarters of negative growth, there has been some positive survey data lately that may point to a recovery ahead despite high energy and commodity costs, Governor Mervyn King said.
"There are indeed signs of a recovery coming and we see that in the business surveys and I think also in the employment data," King said. "So I think a reasonable view would be that we would start to see steady, slow recovery coming during the course of the year."
King said the government's strategy of reducing deficits, accepting a fall in the value of sterling and rebalancing was "an absolutely textbook response" to the crisis, which forced taxpayers to bail out two major banks and drove Britain into a slump that ended in 2009.
"If it had not been for the squeeze on real take-home pay being exacerbated by the rise in energy and food prices then I think we would have seen some growth," he said.
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