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; ukeditorial@marketnews.com
[TOPICS: MT$$$$,M$X$$$,M$$FI$,M$$BE$]
