BoE's Dale: Eurozone uncertainty will hurt UK 'for years'

Uncertainty in the eurozone will remain "for the next few years" and continue to act as a drag on the UK economy, Bank of England (BoE) policymaker Spencer Dale has been quoted as saying.

The UK economy slipped back into recession in the first quarter of 2012 as it contracted by 0.3%. Dale told The Sunday Times newspaper: "I'd expect the uncertainty (in the eurozone) to continue for the next few years, even if some of the worst outcomes are avoided. "It will continue to act as a drag on our economy." In minutes of its May meeting, members of the BoE's Monetary Policy Committee voted to maintain the government's asset purchase programme at £325bn. "Some people say we can just pump more into the economy with QE, but if weak growth reflects problems on the supply si...