Bank of England sees better times ahead

15 March 2013

The Bank of England (BoE) has forecast better times are ahead with regard to Britain's economic recovery.

Governor of the BoE Sir Mervyn King has told ITV News that despite there remaining fears that a triple-dip recession could be on the cards, optimism is high that the economy is moving in the right direction.

Sir Mervyn stated: "All I can say with reasonable judgment, based on where we are today, is that recovery is in sight."

Although recent figures indicated manufacturing output in Britain declined by 1.5 per cent in January, Sir Mervyn maintained that there is still "pretty buoyant" demand for British exports.

He added policies have been put in place that should result in an addressing of the balance that currently sees consumption being very high and exports remaining somewhat weak.

It was pointed out that the UK economy grew by 1.5 per cent last year when construction and North Sea oil production figures are taken out of the equation.

By Asim Shah

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