BoE's Broadbent sees UK productivity lagging behind

FXStreet (Łódź) - Bank of England policymaker Ben Broadbent said today at the London's Institute of Economic Affairs that the impact of global financial markets on the UK economy was substantial and that the productivity levels in the country, unusually weak since the onset of the crisis, might not be able to reach those of the US.

"There's no inevitability that we recover that lost ground,” Broadbent suggested. “Even when international capital is mobile, productivity can diverge as well as converge."

Furthermore, the BoE MPC member stressed the positive influence that the stabilization of the Eurozone economy had on UK recovery. He also warned against the exaggeration of the impact of the reduction in the pace of US Federal Reserve's bond purchases on emerging markets.