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The outgoing Governor of the Bank of England, Sir Mervyn King, has told ITV News that no major change is needed to the Bank's inflation remit when he is succeeded by Mark Carney.
He also describes the financial pressures placed on households and small businesses during periods of high inflation.
The Bank of England's remit should not change to include anything other than the 2% target of inflation, the outgoing Governor Sir Mervyn King has told ITV News.
In the second of two exclusive interviews with Sir Mervyn, he said: "I'm not sure that there is any call for a major change in the remit."
He added: "What‘s most important is that we commit ourselves again to a very clear target for inflation of 2%."
The outgoing Governor of the Bank of England, Sir Mervyn King has said "there's no point pretending we can go back to the pattern of demand we saw in 2006-2007".
He told ITV News' Economics Editor, Richard Edgar:
When asked why a rebalancing of the UK economy is not happening at a faster pace, Governor of the Bank of England, Sir Mervyn King told ITV News:
The second factor is "the enormous uncertainty generated by what is happening in the euro area is encouraging firms to hold back on investment", he added.
In an interview with ITV News' Economics Editor Richard Edgar, Bank of England Governor, Sir Mervyn King, said a recovery for the UK economy was "in sight".
During a two day visit to Birmingham, Governor of the Bank of England, Sir Mervyn King, spoke to ITV News about lessons he had learnt from talking to company bosses and factory workers.
The Governor of the Bank of England, Sir Mervyn King, has said the UK's recovery "is in sight".
Speaking to ITV News' Economics Editor, Richard Edgar, he said: "'A reasonable judgment based on where we are today is that recovery is in sight".
"If you just take away for the moment what happened in the North Sea Oil production and in construction, the UK economy even last year grew by 1.5 percent.
"There is momentum behind the recovery that's coming and I think that during the course of 2013 we will see the recovery come into sight."
Latest ITV News reports
In the second of ITV News' exclusive interviews, a still-enthused Sir Mervyn King admits his main frustration during his tenure at the Bank.
Recovery is "in sight" for the beleaguered economy, the Governor of the Bank of England has told ITV News in an exclusive interview.