Economic growth predicted for Q3 2012

The UK economy is finally beginning to show signs of economic recovery, the Bank of England governor, Sir Mervyn King, confirmed in a live interview on television last night. It was predicted by Sir King that the next quarter (Q3, July – September) would most probably show growth, although growth heavily relies on the successful resolution of the eurozone problems, which could still result in the collapse of the eurozone. But he warned that economic recovery would be slow-paced: “After a banking crisis one can't expect to get back to normal and I fear it will take a long time”, King exclaimed. Sir King also felt that the banking sector required careful management to ensure it recovered, as management attitudes at the major banks were changing for the better, following various scandals such as HSBC and its involvement in money laundering in Mexico.