LONDON (MNI) – UK Exchequer Secretary to the Treasury David Gauke
has said that there is no magic lever the government can pull to bring
about a sustained economic recovery.
“There is no magic lever here but we’re not powerless and that’s
why we have taken steps like introducing the Funding for Lending Scheme
that is going to help get finance to businesses,” Gauke told BBC Radio
4’s World at One program.
Gauke also echoed Bank of England Governor Mervyn King’s earlier
warning that the UK’s faces a long economic recovery process.
“This is going to be a long task, to use the Governor’s words the
road to recovery will be long and winding… the circumstances are
difficult… because of the euro area crisis and the sharp squeeze on
real incomes from energy and food prices… this isn’t going to be
something that just disappears,” he said.
–London bureau: +4420 7862 7499; email: wwilkes@marketnews.com
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