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Bank Of England Mpc Member Warns Uk Faces Years Of Weak Growth

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Government debt has recovered from less than 50% to over 90%, surely this shows strong growth that will produce green shoots and ensure the recovery is locked-in.

Exactly. If the private sector had actually repaired itself why would the UK govt need to keep running a primary deficit of £120bn/yr?

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Britain may be as much as three quarters of the way through the process of working off the high debt levels which have weighed on the economy since the financial crisis, a top Bank of England policymaker said on Friday.

Paul Fisher, one of nine members of the bank's rate-setting committee, said growth would remain weak while Britain's households, public sector, banks and other companies sought to get themselves back to financial health.

"In my view we are maybe two thirds to three quarters of the way through in each case, varying both across and within sectors," Fisher said in notes for a speech.

"There is nothing scientific or ‘official' in that assessment," he added. "It's just a personal best guess on the back of how the economy is behaving plus some direct knowledge of the progress of the banks with their deleveraging plans."

In truth it should read: Britain may be as much as a quarter way through the process of working off the high debt levels with three quaters to go.

Edited by Take Me Back To London!

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Government debt has recovered from less than 50% to over 90%, surely this shows strong growth that will produce green shoots and ensure the recovery is locked-in.

That's splendid news! We are nine-tenths way through to the 100% government debt recovery target.

The green shoots and locking-in the recovery, that is a blast from the past. It reminds me of Mandelson uttering those propaganda catch phrases back in the day..

Edited by Take Me Back To London!

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He'll be looking at it in old fashioned real inflation adjusted charts. Needs to get up to date and look at them in real wage charts.

I think we might have gone -25% of the way along the desired path since they started.

Good point, wages back to sometime in 2000 in purchasing power terms. Nuts.

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  • 284 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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