King Looks On Bright Side but Warns of Bumps Ahead On the Road to Recovery ; Bank Head Sees Grounds for Optimism
Western Mail › August 13, 2009
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Summary
THE recession has hit harder than expected but there are grounds for optimism, the Bank of England said yesterday.
It said prospects for economic recovery are "somewhat stronger" now, although it added that it expects the economy to shrink by around 5.5% at the lowest point this year before beginning its recovery.See the full content of this document
Extract
King Looks On Bright Side but Warns of Bumps Ahead On the Road to Recovery ; Bank Head Sees Grounds for Optimism
Even so, there are encouraging signs that its efforts to pump more money into the financial system are taking effect.
Bank governor Mervyn King said: "It is likely that output stabilised in the middle of this year, and business surveys and other short-run indicators suggest that growth is more likely than not to resume ov...See the full content of this document
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