Broadbent says credible policy blunts current account deficit threat
UK current account deficit is historically large but is not threatening growth
Bank of England deputy governor Ben Broadbent this morning explained how the UK's large current account deficit does not pose an "existential threat to UK growth" thanks to the country's floating currency and "hard-won policy framework".
In a speech at foreign policy think-tank Chatham House in London, Broadbent noted that the current account deficit is "significantly larger than at the time of any of the UK's many post-war currency crises in the 1950s, 60s and 70s", a result of "a sharp drop in
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