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IMF: UK economy needs action

05-23-2012 10:59 BJT

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The IMF says the UK's continuing economic weakness means authorities should consider more quantitative easing and even cutting interest rates. The fund said that with threats to the already weak economy looming, an escalation of the euro debt crisis could lead to lower exports, higher bank funding costs, tighter credit and falling asset prices.

It suggests the Bank of England look at easing monetary policy further, either by more asset purchases or by cutting the main interest rate of currently 0.5 percent. The British economy fell back into recession around the turn of the year, as it struggled to recover from the 2009 global financial crisis.

After an annual review of the UK economy, the IMF said that the economy could face lasting damage if the government and central bank don’t take action.



Editor:Zhang Rui |Source: CNTV.CN

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