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European Economic News
11/17/2009 12:25 AM ET
(RTTNews) -
The UK economy is now moving out of recession and into the recovery phase of the cycle, Bank of England policy maker Andrew Sentance said Monday. Sentance noted that the more positive picture portrayed by the OECD's leading indicator was supported by a wider body of evidence which suggests the British economy has moved onto a recovery track and growth has resumed in the second half of this year.
In a speech at Royal Holloway, University of London, he said the main rebalancing challenge for the UK economy as it emerges from recession is between the public and private sectors rather than the external balance. According to Sentance, cutting the government deficit will be a major challenge as it moves through the coming recovery phase of the economic cycle.
The Inflation Report projections are highlighting the risk of keeping policy too loose for too long, said Sentance. "As policy-makers, we are hopefully now moving from the role of fire-fighters in the recession to a more familiar role - steering the economy through an upswing underpinned by low inflation."
by RTT Staff Writer
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