BoE’s Broadbent: Pickup in global growth would strengthen UK recovery

By FXstreet.com | July 29, 2014 AAA

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.



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