Guernsey’s recovery will come, says BoE agent
Tuesday 24th September 2013, 11:30AM BST.
GUERNSEY should soon start to see a pick-up in the domestic economy to match the recovery being seen in the UK, according to a Bank of England representative.
Chris Piper, agent for central southern England, including the Channel Islands, was in Guernsey for an annual presentation on the state of the economy, which was attended by more than 100 people.
Mr Piper, pictured, also uses visits around his region to test the temperature of businesses, building up evidence which the Bank of England’s Monetary Policy Committee uses to consider its next move on interest rates and monetary policy.
Mr Piper said he was always told in the island that ‘there tends to be a lag between performance of the Guernsey economy and that of the UK’ and there was clear evidence that the amplitude of the prolonged recession in the island was much less severe than in the UK.
‘The last two or three months have picked up and there is a sense of increasing optimism in the UK. It appears that on balance, people here are still more cautious.’