Thursday, March 3, 2011
BoE Governor makes it clear that there will be no recovery.
The Governor of the Bank of England warned yesterday that living standards may never recover from the financial crisis and that households were only just starting to feel the full impact of bankers' mistakes. "It is not like an ordinary recession where you lose output and get it back quickly," the Governor said when asked if the country would ever recover from a squeeze on living standards on a scale not seen since the 1920s. "You may not get it back for many years, if ever, and that is a big long-run loss of living standards for all people in this country."