FXStreet (Łódź) - BoE Deputy Governor Ben Broadbent said on Tuesday in London that a strengthening of global growth would assure a durable economic recovery in the UK.



“If the global economy remains sluggish, it will inevitably be harder for an open economy like the U.K. to achieve strong and balanced growth,” he stressed.



The BoE official suggested that weak imports, which might reflect the lag from the GBP decline, are resulting in a wider current account deficit. The current account deficit doesn’t pose any “existential threat” for the UK economy however, he added.



GBP/USD rose slightly to 1.6980 following the speech, while EUR/GBP remained close to 0.7910.



You May Also Like

COMPANIES IN THIS ARTICLE
Related Forex Analysis
  1. Forex News

    EUR/GBP Technical Analysis: Treading Water Near 0.70

  2. Forex News

    Trading Video: Dollar Rate View Cools, Risk and Aussie Dollar Look to Carry Banner

  3. Forex News

    Standard and Poor’s Rating Downgrades EU Outlook Amidst Sustainability Fears

  4. Forex News

    GBP/USD: another day around 1.5600

  5. Forex News

    Sterling's performance, third best in the board - Rabobank

Trading Center
×

You are using adblocking software

Want access to all of Investopedia? Add us to your “whitelist”
so you'll never miss a feature!