Leading UK economist says: 'The worst may be over'

摘要

David Miles, the chief UK economist at Morgan Stanley, believes that there may be some reasons for optimism in the UK. In an interview with the Western Mail, Mr Miles - who is due to join the Bank of England's Monetary Policy Committee (MPC) in the summer - said that the worst of the recession may be over. "I'm less pessimistic than many about where the economy may be going," said Mr Miles. "The 4.5% cut in interest rates since October is now beginning to have an impact on the cost of outstanding mortgages, and people who already had a mortgage are beginning to notice that their rate is moving down." His comments echo Spencer Dale, the Bank of England's chief economist, who said earlier this month: "A substantial amount of the total contraction we are going to see has come through."