| Videos | Channels | Search |
Beecroft: The missing piece of Britain's recovery
Nick Beecroft, the Chairman of Saxo Capital Markets, isn't too surprised the UK is enjoying one of the best growth rates of any other major economy. He says he's seen in his long financial career just how well Britain can respond to stimulus. However, he agrees with Britain's Chancellor, George Osborne, that there's more to do and we need to see a rebalancing of the economy. Business investment has to rise, he says; it's the missing piece of the jigsaw after we've seen such big improvements in construction, consumer spending and the housing market.
Earlier, the Bank of England announced it was keeping its main interest rate at a record low of 0.5 percent. There were no changes to the ECB's rate either.
Nick says sterling, which has risen considerably over the past few months notably against the dollar, looks to be at the top of its range. He says its strength is down largely on expectations the Bank of England will have to abandon its forward guidance that rates will remain low for the foreseeable future.
01:48 minutes
Tags: autumn, bank, beecroft, boe, britain, dollar, ecb, economy, england, forward guidance, george, great britain, investment, jigsaw, nick, osborne, pound, rebalance, recovery, saxo, saxo bank, saxo capital markets, saxo tv, statement, sterling, sterling dollar, strong pound, tradingfloor.com, uk, uk recovery