(1888PressRelease)
November 28, 2007 - Turmoil in the financial markets will take time to settle down, the Bank of England's chief economist has said.
Charles Bean told the Liverpool Daily Post newspaper yesterday: "It will be a long time before things come back to a full state of normality."
Moreover, Mr Bean ventured, the scale of the impact from the crisis in the US sub-prime mortgage market is yet to be fully felt and that it could spread further to more stocks and commercial property.
"It's quite likely that over the coming months there will be more revelations to come out, not necessarily just in this country," he commented.
He also warned of enduring upward pressure on inflation, which is spreading from the demand for commodities from emerging economies such as China and India - in turn pushing up prices.
He said: "The backdrop of out attempts to keep inflation in line with target is less favourable than it has been."
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