Governor warns of US economy slowdown impact

The UK is likely to be affected by an economic slowdown in the United States, warned Sir Edward George, the governor of the Bank of England on Radio 4’s Today programme this morning.

George said, ” We have seen stable growth now for quite a long period, we’ve seen employment rising, unemployment coming down and we’ve seen that accompanied by reasonable price stability.”

He said that although it was too soon to be seriously concerned about a slowdown in the US economy, the biggest cloud on the horizon would be “a sharper slowdown [there] than we expect.”

George refused to be drawn on the likely movement of UK interest rates in either direction.

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