Friday, November 25, 2011
Five years to get back to pre-crisis levels
Posted by David Smith at 01:00 PM
Category: Thoughts and responses

Martin Weale, a member of the Bank of England's monetary policy committee, says in a speech that Britain's gross domestic product will take five-and-a-half years to get back to pre-crisis levels, compared with what would normally have been expected to be two. He blames weak productivity and, in particular, very low levels of consumer spending for this stage of the recovery. That could be because spending was simply too high before the recession. The speech is here.