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BOE: UK faces 'sober' decade
The country is facing an unpleasant and "sober" decade, according to Bank of England governor Mervyn King.
Speaking on the eve of the government's spending review King said that the decade would be one of "savings, orderly budgets, and equitable re-balancing".
Mr King said there would not be a speedy recovery as the re-balancing of the economy would take some time and that it would be some time before inflation returns to the target rate of 2%.
"The next decade will not be nice. History suggests that after a financial crisis the hangover lasts for a while," said Mr King.
Post Date: October 20th, 2010
Speaking on the eve of the government's spending review King said that the decade would be one of "savings, orderly budgets, and equitable re-balancing".
Mr King said there would not be a speedy recovery as the re-balancing of the economy would take some time and that it would be some time before inflation returns to the target rate of 2%.
"The next decade will not be nice. History suggests that after a financial crisis the hangover lasts for a while," said Mr King.
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Post Date: October 20th, 2010
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