Bank of England policy maker Andrew Sentance said that country’s economy had pulled its self out of recession during the three months ended September 30.
Andrew Sentance’s views were in contradiction with data revealed by the Office for National Statistics. The ONS said previous month that country’s economy contracted by 0.4 per cent between July and September.
However, Mr. Sentance also said that journey toward recovery was still tentative.
He was speaking at Royal Holloway College in Surrey. He said, “We are still in the very early stages of a resumption of growth.”
Mr. Sentance said that tax rises and cuts in spending could result into reduction of private spending, which would hold back recovery.
He warned that the country could have to face challenges from soaring energy and commodity prices and increasing public debt when the global economic recovery is underway.
Mr. Sentence added that Bank of England’s quantitative easing program is yet to prove its worth.
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