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An upturn in the global economy may be approaching according to the Bank of England (BOE); a view backed by a string of positive news from across the globe.
Speaking yesterday, incoming member of the BOE Monetary Policy Committee David Miles said the worst of the British recession may have passed.
“Substantial cuts in interest rates and more quantitative easing are likely, with a certain time lag, to have a substantial impact on demand in the economy, and it may well be that the worst of the recession may well be behind us,” he said, according to The Times.
Professor Miles’ comments coincided with upbeat news from a growing number of companies including Nokia and Harley Davidson and comments from UK banking giant Barclays Capital that its strong performance over the past three months would not be a “one-off”.
At the other corner of the globe in the world’s largest economy, the US, the mood was also boosted by JPMorgan Chase’s news that it was already in the position to repay the US$25 billion (A$35 billion) it had received from the US government in October last year.
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