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David Miles raises hopes for UK economic recovery

David Miles, the new incoming member of the Monetary Policy Committee (MPC) at the Bank of England, would appear to have hit the ground running with a suggestion that signs are emerging that the UK recession could be over. This announcement follows the recent upbeat theme of late from the Bank of England, the UK government and a number of reports on the UK economy. But are we started to get carried away?

At this moment in time the signs are very positive for the UK economy amid suggestions that a recovery may already be under way in the US. The announcement that JPMorgan Chase is already in a position to repay a $25 billion loan from the US taxpayer has also added to the upbeat attitude of the day. However, on the downside we have also seen a significant shock for the UK building society sector amid news that debt ratings have been slashed across the board. While on its own this may mean nothing, if we do see the emergence of other potential problems in the short to medium term that this could curtail a quick recovery in the UK economy.

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