Friday, Bank of England policy maker Adam Posen told a regional newspaper Lincolnshire Echo that the British economy has "bottomed out". "There is still a lot of work to do and the country still has a lot of spare capacity but we are starting to see decent growth," he said.
"We think there is greater confidence than there was 12 months ago and interest rates have come down," he said.
The Office for National Statistics on November 25 revised the economic contraction for the third quarter to 0.3% from 0.4%. The economy contracted for the sixth straight time in the third quarter of 2009.
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June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.