Mervyn King says 'recovery is in sight' for Britain’s economy

The Governor of the Bank of England has predicted that the country’s economy will balance out

12:01 15 March 2013

Sir Mervyn King has said in a TV interview that when it comes to Britain’s struggling economy, the end is ‘in sight’. When speaking on an ITV programme on Thursday, the Bank of England Governor added that he did not know the exact date as to when this will be though.

Sir Mervyn’s words will still have been welcomed warmly however, as they offer hope to many Brits who have suffered with the state of the economy over the last few years.

The economist said Britain is on the right path in order to readdress the imbalance of its economy.

Sir Mervyn added: “All I can say is that with reasonable judgement based on where we are today is that recovery is in sight.”

The notion comes after the recent downturn, and also before the Governor is set to deliver his next budget.

The financial strain, which came over four years ago when the recession hit in 2008, had lately led to rumours that Britain could be in for another recession. Now, it seems that idea should be eradicated from people’s thoughts according to Sir Mervyn’s prediction.

The BoE Governor went on to explain that the economy may have improved by 1.5per cent in 2012 if it wasn’t for things such as the issue surrounding the construction industry.

The 64-year-old economist has acted as Governor for around a decade. Prior to this, he was Deputy Governor for half of that time.