UK is 'over halfway' towards full economic recovery

Britain is "more than halfway" towards a full economic recovery, according to the governor of the Bank of England.

Mark Carney said Britain is 'more than halfway' towards economic recovery. Credit: PA

Speaking to The Sunday Times (£)Mark Carney said: “Wherever the finish line was in the depths of the crisis, we are much more than halfway towards that finish line now."

He added: “The expansion is proceeding, momentum is more assured; the very fact we have had consistent quarters of growth in line with, or slightly better than, our forecasts shows that.”

However, he cautioned that challenges lie ahead especially after an expected rise in interest rates from their record low of 0.5%.

He said: “We have to have the confidence that prospective real wages are going to be growing sustainably [before we raise interest rates] — we don’t have to wait for the fact of that turn to raise them."