Bank's Dale: Recovery has 'number of years to go'

The UK economy is heading in the right direction but there are a "number of years to go" before a full-blown recovery can be called, Bank of England (BoE) chief economist Spencer Dale has said.

"We had a very deep recession, we have a number of years to go", he told the BBC. Dale added that interest rates will remain low for a "sustained period". He also tempered talk of a housing market bubble, though pointed out the Bank is keeping a close eye on house prices. "We know that the housing market can quickly go from normal levels to overheating," he said. The housing market has been boosted by government-led initiatives such as Help to Buy, sparking talk of a potential house price bubble, though some economists have downplayed the threat. Spencer Dale sits on the BoE's M...