UK recovery 'sustainable' - MPC dove Miles

The recovery of the British economy is now "sustainable and self-confirming", according to David Miles, an external member of the Monetary Policy Committee.

For Miles, the British economy is on the fast track to recovery. At a speech in Newcastle, Miles opened with the statement: "For the first time in some years, the news on the outlook for economic activity in the UK over the past month or so has been overwhelmingly positive." He said he is "now more confident that we are on path to recovery than at any time since I joined the MPC in the first part of 2009." Miles' reasoning for a U-turn with regard to his thoughts on the UK economy's recovery were based partly on the Bank of England's 'forward guidance' policy to hold interest rates...