Wednesday, June 24, 2009

BofE Mervyn King: U.K. Recovery may be "long, hard slog"

by Calculated Risk on 6/24/2009 07:46:00 PM

From Bloomberg: King Says U.K. Recovery May Be ‘Long, Hard Slog’ (ht Jonathan)

There has to be a risk that it will be a long, hard slog” because of the problems in the banking system, King told lawmakers in London today. “I feel more uncertain now than ever. This is not the pattern of a recession coming into recovery that we’ve seen since the 1930s. Having an open mind and not pretending to foresee the future when it’s so uncertain is important.”
...
King said that there’s “not much evidence to change our view” since the bank released forecasts in May showing that the economy won’t return to growth on an annual basis until the second half of next year.
emphasis added