Bank of England governor says economy starts to stabilize
Bank of England Governor Mervyn King said on Wednesday that "there are some signs that the British economy is beginning to stabilize" although the path to full recovery could be protracted, Xinhua reported.
In a speech delivered to industry leaders at a dinner in the British capital, King said that "there are certainly grounds for believing that the rapid falls in activity are coming to an end" and the likelihood of a recovery some time this year was supported by some signs.
He also said that there were "tentative signs" that the Bank of England's quantitative easing program -- buying up assets with newly created funds to expand the money supply -- was having " beneficial effects."
Other positive factors for the UK economic recovery were the lower British pound, which would encourage a switch in spending to British goods, and the enormous policy stimulus that has been injected into the economy, he said.