The British economy has overcome a mid-economic crisis, while the prospects for the labor market leaves much to be desired, says a member of the Board on monetary policy the Bank of England, David Blenchflauer. In interviews in the United States Air Force, Blenchflauer reported that the UK economy is starting to "green signals" are thus the beginning of recovery is expected in the foreseeable future. "The state of severe recession we are already three quarters," - he added. Blenchflauer outgoing member of the Committee, at the end of this month. During three years of service with the Bank of England, Blenchflauer has established itself as an advocate of a soft monetary policy, and was one of the first, among those who predicted global crisis two years before current events. During five months in mid-2008 he was the only one of the nine MPC members who voted in favor of reducing the interest rate.
In an interview with an American news agency, Blenchflauer said that he expects growth in total number of unemployed in Britain by 100 thousand people every month until the end of this year, with more than 1 million jobs are at risk. "The labor market looks very bad," - said he. To alleviate the effects of the economic crisis and to stimulate business activity, the Bank of England reduced its key rate to a level of 0.5% to 5.0% within six months from October last year. Further, the bank proceeded to reduce the quantitative monetary policy, repurchase bond. At the last meeting of the MPC in May, the Bank of England unanimously decided to increase the program to mitigate up to 125 billion pounds, with 75 billion, the program will continue for another three months. Blenchflauer endorsed the decision to extend the CRM program. "We are conducting a quantitative easing as soon as our resources allow us," - said he.
In an interview with an American news agency, Blenchflauer said that he expects growth in total number of unemployed in Britain by 100 thousand people every month until the end of this year, with more than 1 million jobs are at risk. "The labor market looks very bad," - said he. To alleviate the effects of the economic crisis and to stimulate business activity, the Bank of England reduced its key rate to a level of 0.5% to 5.0% within six months from October last year. Further, the bank proceeded to reduce the quantitative monetary policy, repurchase bond. At the last meeting of the MPC in May, the Bank of England unanimously decided to increase the program to mitigate up to 125 billion pounds, with 75 billion, the program will continue for another three months. Blenchflauer endorsed the decision to extend the CRM program. "We are conducting a quantitative easing as soon as our resources allow us," - said he.
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