RTTNews - The British economic recovery would be a long, hard slog due to problems in the banking system, Bank of England Governor Mervyn King told lawmakers on Wednesday.
There has to be a risk that it will be a long, hard slog because of the difficulties in the banking sector, King told the Treasury Committee.
I feel more uncertain now than ever, King said. He added that the pattern of the current recession is not seen since the 1930s.
His remarks indicate that the BoE is in no hurry to wind up its stimulus measures despite some economic indicators suggesting that the worst of the recession may be over soon.
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