The economy is in a painful period of transition, but it is more able to cope with shocks than before the financial crisis, Bank of England policymaker Ben Broadbent said in an interview published on Tuesday.
The system is better placed to deal with some of the shocks that come along compared with 2008/9 ... some of the pain is clearly with a purpose, the Independent reported Broadbent as saying.
It's been a very tough road and a far slower recovery than would usually be the case, he said, citing problems in the banking system, according to the paper.
Like his eight fellow policymakers, Broadbent voted in October to increase the Bank's asset purchases by 75 billion pounds to 275 billion as weak consumer demand and the raging euro crisis hit Britain.
Inflation nearly 3 percent higher than the Bank of England's target of 2 percent has meant a very uncomfortable time for the monetary policy committee, Broadbent was reported as saying.
You might have worried recently that people would begin to lose faith in that target but, by and large, that has not happened, he said, according to the paper.
The former Goldman Sachs economist succeeded arch-hawk Andrew Sentance on the Bank's nine-man rate-setting body earlier this year.
(Reporting By Alessandra Prentice; Editing by Gary Hill)