Bank of England Deputy Governor Ben Broadbent said the economy is going through its most credit-free recovery.
In an interview with Daily Mail, Broadbent said, “What is extremely striking is the lack of credit growth. This is the most credit-free recovery we’ve ever had.”
“I do not think rebalancing means manufacturing, specifically – it may mean tradables and there is no developed country in the world that hasn’t seen a dramatic falling in manufacturing employment in the last 30 years,” the banker said.
Further, he said weak global growth has been a big feature for the last several years. “And that’s a very important ingredient in an environment of government debt reduction.”
The material has been provided by InstaForex Company – www.instaforex.com