A vision is needed of how the UK economy can be rebalanced
Bank of England governor Mervyn King's calls for a rebalancing of the British economy are commendable. Not only is this pivotal to the UK's economic health, but - rather than passing the buck - the comments also recognise that each state has a role to play in addressing global imbalances.
However, it is unclear how such a rebalancing will occur. The thinking at the Bank seems to be that sterling's depreciation will, if external demand holds up, be enough to the trigger the necessary change. No
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