BANK of England chief Mark Carney has performed a stark u-turn over the outlook for Britain and admitted that investment in the economy is set to pick up as the UK leaves the European Union (EU).
He said: “Right now in the UK, output is approaching potential and the capital overhang looks set to be eliminated over the next few years.
“If companies want to expand they’re going need to invest.”
He added: “The strengthening global economy should tempt them to do so, particularly since UK companies are generally competitive given the fall in sterling.
“We have a broad-based recovery.”
The Governor said the Bank is now seeing the circumstances in place for “a rotation towards investment” in Britain.