BOE’s David Miles feels the UK could be out of recession in six or nine months but the road to recovery could be long and slow.
In an interview with The Independent, Miles says “We may get a couple of quarters pretty soon of small increases in GDP. If you take that technical definition we might be out of the recession in six or nine months.”
But he warned that it would be some time before the economy was growing strongly enough to halt the rise in unemployment, saying “If you ask the question when will growth return to a level when, say, unemployment stops rising, I fear that’s a little bit further down the road, and I think that’s a more realistic definition of coming out of recession.”
Couldn’t agree more on the last point Miles. Here, here, toodle pip.
