Christine
08-13-2012, 09:00 AM
LONDON (MNI) – Bank of England Governor Mervyn King warned over the
weekend that the clear success of the Olympic Games cannot alter the
underlying economic difficulties faced by the UK.
In an article for Mail on Sunday, King said the economy was only
‘slowly healing’ and that there was ‘no obvious end in sight’ for the
euro zone crisis:
“The conditions are in place for a recovery and the Bank of England
is, and will carry on, doing all we can to help bring it about.
Interest rates are low. Inflation has fallen. We have injected money to
stimulate the economy. The squeeze on real take-home pay is coming to an
end,” King writes.
But any recovery would take time, King added.
The international situation was certainly exacerbating the UK’s
problems:
“If the rest of the world were growing normally, the rebalancing
and recovery of our economy would be much easier. But it isn’t. Even
the rapidly expanding emerging market economies are slowing, and the
problems of the euro area continue with no obvious end in sight”.
–LOndon Bureau; Tel: +442078627492; email: dthomas@marketnews.com
[TOPICS: M$$BE$,M$B$$$]
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weekend that the clear success of the Olympic Games cannot alter the
underlying economic difficulties faced by the UK.
In an article for Mail on Sunday, King said the economy was only
‘slowly healing’ and that there was ‘no obvious end in sight’ for the
euro zone crisis:
“The conditions are in place for a recovery and the Bank of England
is, and will carry on, doing all we can to help bring it about.
Interest rates are low. Inflation has fallen. We have injected money to
stimulate the economy. The squeeze on real take-home pay is coming to an
end,” King writes.
But any recovery would take time, King added.
The international situation was certainly exacerbating the UK’s
problems:
“If the rest of the world were growing normally, the rebalancing
and recovery of our economy would be much easier. But it isn’t. Even
the rapidly expanding emerging market economies are slowing, and the
problems of the euro area continue with no obvious end in sight”.
–LOndon Bureau; Tel: +442078627492; email: dthomas@marketnews.com
[TOPICS: M$$BE$,M$B$$$]
http://feeds.feedburner.com/~ff/forexlive-rss?d=yIl2AUoC8zA (http://feeds.feedburner.com/~ff/forexlive-rss?a=jLL9R02Nj18:9WJ0eRFYfkw:yIl2AUoC8zA) http://feeds.feedburner.com/~ff/forexlive-rss?i=jLL9R02Nj18:9WJ0eRFYfkw:V_sGLiPBpWU (http://feeds.feedburner.com/~ff/forexlive-rss?a=jLL9R02Nj18:9WJ0eRFYfkw:V_sGLiPBpWU) http://feeds.feedburner.com/~ff/forexlive-rss?d=qj6IDK7rITs (http://feeds.feedburner.com/~ff/forexlive-rss?a=jLL9R02Nj18:9WJ0eRFYfkw:qj6IDK7rITs)