BoE Says UK Economic Recovery Is Finally On The Way

24 September 2012 17:00 - Which Way to Pay


BoE Says UK Economic Recovery Is Finally On The Way

According to the Bank of England the UK economy can expect an improved future. Spencer Dale, one of the Bank’s key rate-sellers has predicted that the UK will see a return to growth later this year. His comments supported Governor Mervyn King’s comments that there were definitely “signs of a slow recovery.”

Mr Dale said that there were encouraging signs that business is able to borrow again from the banks following the Bank of England’s £80bn Funding for Lending scheme that launched in August. He said, “There is some light at the end of the tunnel. It is an uncertain light... but we are hopeful." The positive comments from the Bank's chiefs follows on from Sir Philip Green, the owner of Arcadia, calling the bottom of the economic slump in retail. The billionaire doyen of the high street declared that the market has "flattened, it's bottomed, now we've got to rebuild".

The bosses of M&S and Sainsbury's have also had positive things to say about the chances of the UK coming out of recession soon.

Elsewhere Sterling hit a more than two-week high today against the Euro as concerns over whether Spain will seek a bailout and Greece fails to reach the targets of its own international rescue damage the currency. Sterling also rose thanks to talk of farm subsidy payments which are due later in the week, which the European Union makes to the UK once a year. "Euro/sterling will remain in focus ahead of Friday's UK reimbursement flows for its agricultural sector, which could create a three billion pounds sterling-supportive flow coming out of euro," Morgan Stanley strategists said in a note.


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