The BOE Governor said that GDP data tomorrow might confirm a ‘zigzag’ recovery in the UK which is likely to be ongoing.
He’s also been quoted in the Telegraph as saying that there won’t be any recovery until banks are recapitalised and they own up to the size of their bad debts
Warning that the next generation may have to live with the consequences of past excesses “for a long time to come”, Sir Mervyn said Britain’s banks needed to drop the “pretence” that their debts will be repaid.
