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“Economic recovery in sight” – King

“Economic recovery in sight” – King

Category: Banking

Updated: 13/02/2013
First Published: 13/02/2013

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The Governor of the Bank of England, Sir Mervyn King, has claimed the UK's economy has "cause for optimism" and that a long awaited recovery is in sight, despite a prediction that inflation will worsen over the next two years.

Delivering the Bank of England's quarterly Inflation Report, Sir Mervyn stated that he expects inflation to climb to at least 3% by the middle of this year, remaining above the Government's target of 2%.

Higher utility bills and increases in university tuition fees were cited as two main factors in recent increases to inflation.

"The UK economy is set for a recovery," he said. "That isn't to say the road ahead will be smooth. This hasn't been a normal recession and it won't be a normal recovery."

The Office for National Statistics yesterday announced that the Consumer Prices Index remained at 2.70% during January for the third consecutive month.

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