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A brief look at Britain's economy as new Bank of England governor takes charge

LONDON - Here is a look at Britain's economy as Mark Carney becomes Bank of England governor; STUCK IN A RUT Britain's $2.3 billion economy — Europe's third-largest — has been slow to recover from the global financial crisis as the government cuts spending to control a burgeoning budget deficit. Gross domestic product grew just 0.3 per cent in the first quarter of this year after shrinking during the previous three months. The Bank of England has forecast that growth will accelerate to 0.5 per cent in the second quarter.

Bank of England ready to boost recovery, McCafferty tells paper

LONDON (Reuters) - The Bank of England stands ready to support a nascent recovery in the British economy, a member of its Monetary Policy Committee said in an interview published on Monday. "We at the Bank are standing ready, using our available policy instruments, to try and do all we can to support that move back into recovery," Ian McCafferty told the Yorkshire Post during a regional visit. "We now believe that the economy is set for a recovery over the course of the next year or so.

King sees no need for big change in bank's remit

LONDON (Reuters) - Bank of England Governor Mervyn King questioned the need for a shake-up in how the central bank focuses on fighting inflation, days before Chancellor may announce a change in how he wants the bank to work. "I'm not sure there is any call for major change in the remit," he told ITV News on Friday. "Most important is the commitment to the target of 2 percent (inflation)."

BoE's King says not seeking to push sterling down

LONDON (Reuters) - Bank of England Governor Mervyn King said on Thursday that he was not seeking a further depreciation in sterling, and that markets judged that the currency was at an appropriate level. "We're certainly not looking to push sterling down," King told ITV News in an interview. Sterling has fallen sharply since the start of the year, but King said this reflected a reversal of an appreciation in 2012.

BoE's King: sterling seen "properly valued"

LONDON (Reuters) - Bank of England Governor Mervyn King said on Thursday that the central bank was not seeking any further fall in the level of sterling which now appeared to be fairly valued. The pound hit a two-and-a-half year low against the dollar on Tuesday, down more than 8 percent since the start of the year, though it surged 1 percent in the hours before ITV News released King's comments, made in a pre-recorded interview.
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