The UK has gone through the worst of the recession and should return to growth in the fourth quarter, although there is “still a lot of work to do”, two BOE policymakers said in newspaper interviews published today.
Deputy Governor Bean in the Newcastle Journal, says the economy is “bumping along the bottom after a disappointing performance in the third quarter” but adds “however, it would not surprise me if we see an expansion in the economy in the final quarter of this year, and further strengthening in growth after that.”
Elsewhere BOE’s Posen, in an interview with the Lincolnshire Echo, says “There is still a lot of work to do and the country still has a lot of spare capacity, but we are starting to see decent growth” adding “we think there is greater confidence than there was 12 months ago.”
Cable has managed to claw back half a cent from its session low, presently back up at 1.6325 from 1.6272 low.
