BoE's Dale: British Economy Appears To Have Stabilized

Sponsored Links

The British economy has turned a corner but households and businesses face a long road to recovery, Bank of England Chief Economist Spencer Dale said in an interview published on Monday.

"Things look like they've stabilized and we have turned a corner, but it looks like we are in for a long haul," Dale told the Exeter Express & Echo newspaper. "There's still a long way to go before things are bouncing back to where they were, and it's going to take us a while to get there, but things feel quite a bit better than they did six or nine months ago."

He noted that confidence levels have stopped falling. Many businesses, even if they haven't seen the recovery have seen the bottom, but there's still a sense of quite realistic caution, Dale said.

"Going forward we may well see employment levels continue to remain low, or fall further, before we start to see a pick up, so I do think the pick up in employment may well be relatively slow and gradual," he said.

Dale noted that this is in part because the falls off in employment haven't been so great, so there's more slack within firms to use up before they need to go and employ additional workers.

The British economy has turned a corner but households and businesses face a long road to recovery, Bank of England Chief Economist Spencer Dale said in an interview published on Monday. (Market News Provided by RTTNews)