UK economist says worst of recession may be over

Thursday, April 16, 2009 at 9:41 PM Posted by Beijing News


The worst of Britain's recession may be over, one of the country's leading economists said in a newspaper interview.

David Miles, who joins the Bank of England's Monetary Policy Committee in June, told the Western Mail that government moves to cut interest rates, increase public spending and boost the money supply were having an effect.

"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 impact on demand in the economy," he told the regional newspaper.

"And it may well be that the worst of the recession may well be behind us. That's not a confident prediction but a judgment about what may be the case."





Dancers from Ensemble of the Turkish state opera and ballet perform the play "Rose Garden" during the Skopje Dance Festival. AFP/Robert Atanasovski

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