BoE's Posen: British Economy "Bottomed Out"

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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.

Friday, Bank of England policy maker Adam Posen told a regional newspaper Lincolnshire Echo that the British economy has "bottomed out". (Market News Provided by RTTNews)