Mark Carney: Britain 'more than halfway' to recovery

Britain is "more than halfway" along the road to recovery, according to the governor of the Bank of England.

Speaking to the Sunday Times (£), Mark Carney said the economy had moved decisively from recovery to a full-blown expansion.

Governor of the Bank of England Mark Carney Credit: PA

Mr Carney said: "Wherever the finish line was in the depths of the crisis, we are much more than halfway towards that finish line now", but warned that challenges still lie ahead.

The Bank of England expects the economy to grow by 3.5% this year, easily the fastest pace predicted for any advanced country. Unemployment is also expected to fall below 6% by the end of 2014, with 800,000 jobs created over the past year.