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Economy bottomed out

Source: Reuters - Fri 27th Nov 2009

Britain has gone through the worst of the recession and should return to growth in the fourth quarter, although there is "still a lot of work to do" two Bank of England policymakers said in newspaper interviews published on Friday.

The central bank's Deputy Governor Charles Bean said the economy was "bumping along the bottom" after a disappointing performance in the third quarter.

"However, it would not surprise me if we see an expansion in the economy in the final quarter of this year, and further strengthening in growth after that" he was quoted as saying in the Newcastle Journal, a regional newspaper.

"The recovery will be slow and protracted."

In a separate interview, policymaker Adam Posen said the bank believed the economy has "bottomed out."

"There is still a lot of work to do and the country still has a lot of spare capacity but we are starting to see decent growth" Posen was quoted as saying on the Lincolnshire Echo's website. "We think there is greater confidence than there was 12 months ago and interest rates have come down."

Chancellor Alistair Darling will downgrade the 2009 economic outlook when he presents his pre-budget report next month, a UK finance ministry source said on Thursday.

The British economy has now declined for six successive quarters, marking the longest recession in at least 50 years.

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