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Worst of recession may be over, but then again maybe not...

The newest member of the Bank of England’s Monetary Policy Committee, which meets once a month to decide what to do with interest rates, claims that the worst may be over for Britain’s economic recession. Confusingly, however, he says that his comments should not be taken as a prediction and gives little evidence to back up his claim. David Miles, a former senior economist at Morgan Stanley will replace David Blanchflower on the MPC in a month’s time. In a press interview, Miles said “Economic history teaches us that a combination of tax cuts, running large fiscal deficits, substantial cuts in interest rates and more quantitative easing is likely, with a certain time lag, to have a substantial...

posted on: Apr 18, 2009 | author: Lance