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Reading: The Governor of the Bank of England notes that the recession-stricken economy is showing “distinct signs of upturn.”
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Baner Club > Blog > Business > The Governor of the Bank of England notes that the recession-stricken economy is showing “distinct signs of upturn.”
Business

The Governor of the Bank of England notes that the recession-stricken economy is showing “distinct signs of upturn.”

Despite the UK economy entering a recession late last year, the governor of the Bank of England has stated that there are "distinct signs of an upturn."

Last updated: 2024/02/21 at 8:35 AM
Published February 21, 2024
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A slight recession was evident in the second half of last year, according to official numbers, which Andrew Bailey tells a committee of MPs may already be gone.
Informing a committee of MPs of the Bank’s role in purposefully reducing demand in the economy to help lower inflation, Andrew Bailey stated that he thought the downturn would be among the shallowest recession events of recent times.

He was making his first public speech since the Office for National Statistics (ONS) revealed negative output in a preliminary estimate of the gross domestic product for the months of October through December of last year.

Because the economy had also seen negative growth in the preceding three months, it put the UK in a technical recession.

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admin February 21, 2024 February 21, 2024
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