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News - 21 September 2012
Mervyn King says economic recovery imminent
The Bank of England governor, Mervyn King, said on Channel 4 News today that economic growth is around the corner and that the next quarter would probably show a pick-up in activity.
However, he said a lot depended on resolving the Eurozone crisis, which is a "black cloud" hanging over the UK since Europe is such an important trading partner.
He also said: "I think the next quarter will probably be up. I think we're beginning to see a few signs now of a slow recovery, but it will be a slow recovery. After a banking crisis one can't expect to get back to normal and I fear it will take a long time."
He also said it would be acceptable if the government's deficit-cutting target to curb the gap between UK income and spending by 2015, was missed as long as the reason is slower global economic growth.
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