LONDON (MNI) – The UK economy is over the worst and growth is
expected to pick-up, Bank of England Deputy Governor Charles Bean says.
In an interview with the North Wales Daily Post, published ahead of
today’s Q3 GDP data release, Bean was fairly upbeat.
“Looking at the UK economy the expectation is growth should be
picking up,” Bean said.
“There is bound to be volatile movement from quarter to quarter but
the underlying trend is for growth,” he added.
Analysts’ median forecast for Q3 GDP is for 0.6% growth on the
quarter, boosted by the rebound from the exceptionally wet and Jubilee
impacted Q2 and by Olympic ticket sales.
Bean said the BOE’s Funding for Lending Scheme “should start to
make an impact”, by easing credit supply to business.
“It’s going to take time, probably several months, but I would like
to make people more optimistic about the future… I think we’re past
the worst,” Bean said.
–London bureau: +4420 7862 7491; email: drobinson@marketnews.com
lcommons@marketnews.com
[TOPICS: M$$BE$]