We use cookies to provide you with a better experience. If you continue to use this site, we'll assume you're happy with this. Alternatively, click here to find out how to manage these cookies

hide cookie message
RSS FeedFinancial Planning

Economy 'likely grew' in first quarter


Bank of England policymaker expects normal economic growth to resume in medium term

Article comments

The UK "more than likely" showed growth in the first quarter of the year, a Bank of England policymaker said on Friday.

Martin Weale told the Bath Chronicle that he expected normal economic growth to resume over the medium term, but added this would not make up the ground lost over the past four years.

Weale's comments came after minutes to the Bank's March meeting showed he voted with the majority of the 9-member Monetary Policy Committee to leave its £325 billion quantitative easing programme on hold, while his colleagues Adam Posen and David Miles wanted a £25 billion increase.

Weale said he thought Britain would skirt recession, and see some growth in the first three months of this year, though activity could be volatile later in the year.

"In the first quarter of this year things have been better than I'd anticipated. I think it's more likely than not that growth will be positive," he said.

"Looking ahead, we'll have quite a bit of disruption to the data because first we have the Diamond Jubilee, then the Olympics. The numbers, I'm sure, will jump around and it will be difficult to know what to make of them until we have a more stable picture late this year, and maybe not until the first quarter of next year," he said.

"Over the medium term I do expect what I'd call normal economic growth to be resumed, but normal economic growth is very different to making up the ground we've lost over the past four years," he explained.

Share:

Comments

Economy 'likely grew' in first quarter
Financial Planning

Budget: What business wants

Budget: What business wants

CFOs are keen for the chancellor to avoid any uncertaintymore ..


Co-operative Group posts £2.5bn loss

Annual loss the worst in its 150 year historymore ..

Google sees 19% rise in Q1 revenue

However, company missed analysts' expectation as ad prices slidmore ..

Starbucks to move Europe HQ to UK

Coffee chain says move reflects growing importance of UK marketmore ..

Stay ahead of the curve

CFOs used to low interest rates ignore working capital optimisation at their perilmore ..

Digital streamlining of travel and expense claims [Part II]

Concur shows CFOs how to make life easier when the auditors come knockingmore ..

Send to a friend

Email this article to a friend or colleague:


PLEASE NOTE: Your name is used only to let the recipient know who sent the story, and in case of transmission error. Both your name and the recipient's name and address will not be used for any other purpose.



In Depth
How M&A teams can create value by challenging the CEO

How M&A teams can create value by challenging the CEO

A typical “hold” period of nine to 18 months can generate increased sale value more ..

In Depth
What every company needs to do about big data?

What every company needs to do about big data?

In the first of a three part series, Pat Brans explores just how big 'big data' will get? more ..

Advertisement

* *