The economic outlook - speech by Charlie Bean

In a speech to the Northern Ireland Chamber of Commerce in Belfast, Charlie Bean - Deputy Governor for Monetary Policy and member of the Monetary Policy Committee (MPC) - describes the economic outlook and the changes that the UK economy is undergoing.
Published on 19 May 2011

A crucial question for the MPC, Charlie Bean says, is whether the slowing of growth around the turn of the year "...just represents a temporary "soft patch" of the sort often seen during the early stages of economic recoveries, or whether it is instead the harbinger of a prolonged period of slow growth". He then goes on to discuss the likely prospects for the recovery over the next year or so. Having stagnated over 2010, Charlie Bean views it likely that "...consumer spending will remain subdued through this year at least". He adds that: "Public spending will also provide little impetus to overall activity, given the necessary fiscal consolidation that is now under way".

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