Bank’s Tucker has high hopes for UK economy
The UK economy is in better shape than it was a few months ago, according to the Deputy Governor of the Bank of England Paul Tucker.
Interviewed by BBC Radio Oxford, Tucker was very optimistic about the UK economy and stressed the central bank’s promise of bringing “uncomfortably high” inflation – which rose to 3.2 percent in October – back to the their target of a much lower 2 percent through the succeeding few years.
And as the Bank of England is doing all that it can to reduce inflation, it will also help support the economy’s recovery as well.
“The world is still a hazardous place and there are obviously difficulties around Europe. But I think the UK is in a better position now than perhaps it was a few months ago,” Tucker said.
Tucker added that the actions of the government towards cutting the budget deficit had reduced the risks from a macro-economic outlook, and this was widely applauded by the business community.
The action that has been taken to put the UK public finances on a better footing over the next few years provides some insulation for our economy,” he said.