Bank of England economist: economy already started to recover

An economist who is set to join the Bank of England’s rate-setting body has said that there are signs that the UK economy has already started to recover. David Miles, Morgan Stanley’s chief UK economist has been speaking to the Western Mail newspaper, where he told them “The worst of the recession may well be behind us.”

It seems that recent tax cuts and the lower interest rates should have now started to have a positive effect on the economy. Miles is set to join the Bank of England’s Monetary Policy Committee in June. David Miles has warned that this is not a confident prediction; he said that it is a judgment about what may be the case.

The Telegraph

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Five Across the Eyes release has said that Miles has not given any details on where the improvements to the UK economy can be seen, but homeowners have now started to see the benefit of lower interest rates. He did add that it would still take some time for the UK to see the full effect of the measures that the government and the Bank of England

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have taken.