Euro Crisis: Bank of England "No end In Sight"
By
Clem Chambers
PUBLISHED:
13 Aug 2012 @ 11:27
|
Comments (0)
|
More info about Clem Chambers
The Governor of the Bank of England Sir Mervyn King has said there is “no obvious end in sight” to the on-going euro crisis, creating a series problem for a UK recovery.
Writing in the Mail on Sunday Sir Mervyn argued that “if the rest of the world were growing normally, the rebalancing and recovery of our economy would be much easier” before saying “But it isn’t. Even the rapidly expanding emerging-market economies are slowing, and the problems of the euro area continue”.
On opening the UK market contracted with the FTSE 100 index falling 0.4%, though after falling heavily last week Standard Chartered gained 1.5% after the bank entered discussions with New York regulators regarded alleged money laundering for Iran.
Sir Mervyn cited the London Olympics as a potential boost to the UK economy but tempered his remarks saying that “t ultimately the games cannot alter the underlying economic situation we face”.
CLICK HERE TO REGISTER FOR FREE ON ADVFN, the world's leading stocks and shares information website, provides the private investor with all the latest high-tech trading tools and includes live price data streaming, stock quotes and the option to access 'Level 2' data on all of the world's key exchanges (LSE, NYSE, NASDAQ, Euronext etc).
This area of the ADVFN.com site is for independent financial commentary. These blogs are provided by independent authors via a common carrier platform and do not represent the opinions of ADVFN Plc. ADVFN Plc does not monitor, approve, endorse or exert editorial control over these articles and does not therefore accept responsibility for or make any warranties in connection with or recommend that you or any third party rely on such information. The information available at ADVFN.com is for your general information and use and is not intended to address your particular requirements. In particular, the information does not constitute any form of advice or recommendation by ADVFN.COM and is not intended to be relied upon by users in making (or refraining from making) any investment decisions. Authors may or may not have positions in stocks that they are discussing but it should be considered very likely that their opinions are aligned with their trading and that they hold positions in companies, forex, commodities and other instruments they discuss.