A Glance at Britain’s Economy

As Mark Carney takes over as Bank of England governor, he inherits a weak economy still struggling to recover from the global financial crisis. While Britain’s economy is the third largest in Europe, gross domestic product grew at an anemic 0.3 percent in the first quarter of 2013 following a decrease in the prior quarter. Threatening any sustained recovery are factors such as an economic downturn among Britain’s trading partners and a major austerity program to reduce the size of government and the number of public sector jobs.

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