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MPC member talks of double dip recession

Martin Weale, the newest member of the Bank of England's MPC, has today been talking in public about the potential threat of a double dip recession in the UK. He believes it would be "foolish" to discount the possibility that the UK economy could suffer a serious economic downturn in the short to medium term and highlights a number of reasons for his concerns.

He believes that rising unemployment, falling house prices and the potential for a renewed banking crisis in the UK do not bode well for the immediate future. While it is nowhere near definite that the UK will suffer a double dip recession it has to be said that the chances of this occurring have increased significantly over the last few weeks. However, it is more likely that UK economic growth will slow in the short to medium term, stabilise and then hopefully move forward in due course. But the threat of a double dip recession would appear to be as real today as it ever has been!

It is evident that more and more members of the MPC have been speaking in public regarding their own specific concerns and hopes for the future. Whether this is a new policy introduced by the Bank of England remains to be seen but greater transparency with regards to the MPC and the individual members is certainly giving investors and economists much food for thought.

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