The growth outlook projected by the Bank of England has not materialized, central bank's Monetary Policy Committee Member Martin Weale said in an interview with the Newcastle Journal.
Weale said Friday that overall savings and debt repayment reduced consumer spending. Moreover, recession in Europe dampened U.K.'s prospects.
Preliminary estimates from the Office for National Statistics showed on Wednesday that the U.K. economy unexpectedly shrank 0.2 percent in the first quarter, entering a double-dip recession for the first time since 1970s.
Weale could not accurately confirm how long Britain's latest recession was going to last. But he said that it would not have the same devastating impact as the 2008 debt crisis.
by RTT Staff Writer
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