20 Mar

Britain 'substantial way through' recession

Britain 'substantial way through' recession

Britain is already a large part of the way through the recession, Bank of England chief economist Spencer Dale has stated.

Mr Dale told the Financial Times: "A substantial amount of the total contraction we are going to see has come through."

He added that the recent base rate cuts, the Bank's quantitative easing programme, banking bailouts and the lower value of sterling all add up to a larger stimulus than seen at "comparable points in previous recessions".

As a result, Mr Dale said the country should be out of recession by the end of 2009, although a longer contraction cannot be ruled out.

Such a situation could mean a swifter recovery for the property market, making now a good time to buy.

Earlier this week, business secretary Lord Mandelson told the Independent that the levels of lending offered by banks will soon start to increase.
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