Inside the Council: Light at the end of the tunnel?

Governor of Bank of England Sir Mervyn King
Governor of Bank of England Sir Mervyn King

With all the belt tightening that we have had to endure these last few years it was heartening to read the comments of Mervyn King (Governor, Bank of England) and Ian McCafferty (Monetary Policy Commission) regarding the economy.

As we work through these austere times it is important to know that there is a better future ahead; that our hardships will reap a reward.

Ian McCafferty, Monetary Policy Committee at the Bank of England.

Ian McCafferty, Monetary Policy Committee at the Bank of England.

Mr King has claimed “there is momentum behind the recovery that’s coming” and that “good progress” has been made towards a new, sustainable economy in the last few years.

“I think that during the course of 2013 we will see the recovery come in to sight,” he said.

Mr McCafferty, who is a member of the Bank of England’s Monetary Policy Commission, has said: “The British economy is set for a ‘modest’ recovery over the next year.”

Labour left the Government with a mountain of debt and with spending vastly outpacing income. It has been a difficult few years trying to rebalance the books and we have all felt it in our pockets. It does, however, look as though there may be light at the end of the tunnel.

Whilst we may feel the pinch of austerity for a little while to come it is good to see that this Government has got to grips with the problems that Labour bequeathed them and that we are heading in the right direction.