UK recovery speeding up, to be sustained - Bank of England's Bean
LONDON (Reuters) - Britain's economic recovery is accelerating and will be sustained, Bank of England deputy governor Charlie Bean said on Tuesday.
"There are at last signs that a recovery may be gaining traction," he said in prepared remarks for a speech.
He added that the nascent resurgence in economic growth will be sustained because "UK banks are now well placed to provide the credit necessary to support a recovery.
"Second, the euro area is no longer in existential crisis," he said.
Bean, who tends to side with the majority on the BoE's Monetary Policy Committee, also defended the bank's new policy of forward guidance, saying it has helped keep a lid on market interest rates and that businesses and households have taken the policy's message on board.
(Reporting by Olesya Dmitracova, editing by Stephen Addison)
