Bank of England New Boy Says Recession Worst Over
Published / Last Updated on 16/04/2009
Bank of England New Boy Says Recession Worst Over
New Bank of England Monetary Policy Committee member David Miles has suggested that reduced interest rates and the weak pound overseas making Britich Goods and manufacturing cheaper, had done and will continue to do much to pull the UK out of recession.
Miles said in the Western Mail: "Economic history teaches us that a combination of tax cuts, running large fiscal deficits, substantial cuts in interests rates and more quantitative easing is likely, with a certain time lag, to have a substantial impact on demand in the economy and it may well be that the worst of the recession may well be behind us."
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