Bank Of England Employee Thinks the Recession is Over

A leading Bank of England policy maker has told Sky News that the UK is out of recession.

Monetary Policy Committee member Andrew Sentance said he believed the economy is expanding again.

Speaking to Sky’s Jeff Randall he said: “We have had a lot of positive information that would suggest the economy is growing.

“When the exact turning point took place is difficult to pin point and it may take the official GDP figures a while to catch up.”

The UK officially remains in recession after the Office For National Statistics said the economy contracted 0.3% between July and September, although the contraction was less that previously thought.

France, Germany, Japan and the US have all already exited recession.

The Bank has attempted to help kick-start the economy by effectively creating £175bn through its so called Quantitative Easing programme.

The effectiveness of QE has so far been called into question, but Dr Sentance said it was beginning to lift the faltering economy.

“There have been several headwinds blowing and we still have the drag from the financial sector – the legacy of the problems from the financial crisis.

“Quantitative Easing is having to offset those and give the economy more of lift than would be necessary.”