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

    USD/CAD on Cusp of Breakout as EUR/USD Retreats

  2. Forex News

    GBP/USD slumps further, near 1.5650

  3. Forex News

    EUR/GBP shoots to 0.7130 on Tsipras bailout

  4. Forex News

    SEB: EUR/GBP requires a move above 0.7126 to see further buying – eFXnews

  5. Forex News

    EUR/GBP recovers to 0.7083 on UK PMI

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!