LONDON (MNI) – The UK economy is not so much in a recession as in a
‘sustained period of stagnation’, according to Bank of England Monetary
Policy Committee Member Martin Weale.

In comments to the Birmingham Post and Mail during a regional
visit, Weale said he detected an ‘underlying sense of confidence’ among
UK consumers and said a long squeeze on household incomes was
coming to an end as inflation started to ease back.

“For quite a long period now, we have had slight upward movement,
and slight downward movement. Rather than describe it as a double-dip
recession, I would describe it as a sustained period of stagnation”.

–London Bureau +20 7862 7499;

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