The recovery has finally taken hold says Carney

The recovery has “finally taken hold,” the governor of the Bank of England has said.

Introducing the Bank’s latest inflation report, Mark Carney said unemployment will fall sooner than expected - noting “for the first time in a long time, you don’t have to be an optimist to see the glass as half full.”

On Wednesday, the UK unemployment rate was reported at 7.6%, down from 7.8%.

Mr Carney said: “It is welcome that the economy is growing again, but a return to growth is not yet a return to normality. Nearly one million more people are out of work than in the years before the financial crisis.

“Many others in part time work would prefer to be working full time. Real wages are not yet increasing. And the economy remains 2.5% smaller than it was in 2008.

“A strong and sustained recovery is needed to put people back in work and use up the slack in the economy. A sustained recovery requires a revival of business investment.”

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