Posted On: August 09, 2012
The economic recovery in Britain is going to proceed slowly, according to Governor Mervyn King with the Bank of England.
the central bank chief indicated he supports the tightening of the budget issued by Prime Minister David Cameron when speaking with reporters on Wednesday. King also slashed development and growth forecasts. He spoke with reporters after publishing the central bank's quarterly inflation report.
"Many of the conditions necessary for a recovery are in place, and the Monetary Policy Committee will continue to do all it can to bring about that recovery," King told reporters. "As I have said many times, the recovery and rebalancing of our economy will be a long, slow process."
The governor told reporters that the government he serves has slashed spending more quickly than anticipated, which converts to an economic performance that is weaker than planned.
King noted the shared currency of the European Union presently finds itself in a nebulous situation, stating these comments came during a business conference in London.
Category: Industry News
Foreign Exchange Services for Business
With a focus on payment services, Western Union Business Solutions enables businesses of all sizes to send funds internationally through our global payment solutions.
See our available FX payment services