"If the rest of the world were growing normally, the rebalancing and recovery of our [U.K.] economy would be much easier"
- Mervyn King, Bank of England Governor
Bank of England Governor Mervyn King said the sovereign debt crisis in Europe is far from being resolved, few days after the Bank of England cut its growth forecasts and told the national economic outlook is "unusually uncertain."
"If the rest of the world were growing normally, the rebalancing and recovery of our economy would be much easier," King wrote in an article in the Mail on Sunday newspaper.
"But it isn't. Even the rapidly expanding emerging-market economies are slowing, and the problems of the euro area continue with no obvious end in sight."
U.K. stocks closed in red on Friday. The FTSE 100 Index lost 0.08 per cent, or 4.40 points to 5,847.11. The broader FTSE All-Share Index erased 0.05 per cent.
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