Wednesday June 25, 12:47 PM
BoE's Gieve says the worst is still to come for UK economy
LONDON (Thomson Financial) - Bank of England outgoing deputy governor John Gieve said on Wednesday he believes the worst is still to come for the UK economy.
Speaking during a roundtable discussion published in Prospect magazine, Gieve said that what started as a marked turndown in the commercial property market is now spreading to the housing market and that he expects 'a downturn in economic activity over the rest of the year'.
'So the worst is definitely not over in that sense,' he said.
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