'Nascent UK recovery' positive for private wealth?

A senior Bank of England figure has revealed "it may be some while yet before normality is restored" to the UK economy, but those with private wealth may be encouraged to learn global growth is expected to continue.

In a speech in London, deputy governor for monetary policy Charles Bean explained many of the current economic indicators paint a favourable picture.

Growth is returning to the world economy, he remarked, with the International Montary Fund predicting an expansion of four per cent next year.

And, while Mr Bean admitted that UK exports have been relatively weak thus far, there are signs the depreciation of sterling will stimulate overseas sales in the near future.

The expert warned that rates of inflation will stay above government targets for the next few months, but this situation should only be temporary as economic activity slowly picks up.

He added "the recovery, here and more widely, has remained on track", but warned of "significant challenges for the year ahead".

A recent report from consultancy PwC predicted growth in the UK economy of two per cent in 2011.  ADNFCR-2318-ID-800290435-ADNFCR