LONDON (MNI) – There is a “chance” that the UK could fall back into
recession, Bank of England Monetary Policy Committee Member Adam Posen
says today.
During a visit to the North East of England, Posen was quoted by
the Newcastle Journal as saying – “There is going to be a lot of drag on
the economy, with the problems of the eurozone and the public sector
contraction in the UK”.
Posen said that he hoped that the UK recovery would continue but
added that this could not be guaranteed:
“The recovery has been under way for almost a year, although it has
been slow. We hope it will continue but it cannot be guaranteed.”
Posen expressed some disappointment that U.K. exports had been so
disappointing and called on them to target the higher-growing BRIC
economies:
“There is room to do more,” he said. “The eurozone is our major
trading partner but we need to look elsewhere. The BRIC (Brazil, Russia,
India and China) countries are on an amazing course and will continue to
be at the forefront of global economic growth”.
“This is good news for the UK. We need to look at shifting our
over-reliance on the US and the eurozone to the emerging economies.”
–London newsroom: 4420 7 862 7492; email: dthomas@marketnews.com
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