The UK economy is once again full of contradictions. Recently, forecasts pointed to a downturn, yet some analysts now claim it is preparing for a so-called "soft landing." The question is how painless that process will be.
According to Alan Taylor, a member of the Bank of England’s Monetary Policy Committee, the national economy is nearing a "soft landing," though its consequences remain unpredictable. The current economic situation remains "fragile," Taylor warned.
In his annual report to the Treasury Committee of Parliament, the official said that monetary policy would require "careful calibration" to maintain economic stability.
"Despite being buffeted by new shocks, we are getting closer to that soft landing now, but we are also in a fragile moment, and monetary policy will need to be carefully calibrated in the coming months to keep us on track," Taylor added.
His remarks come as policymakers step up efforts to address economic challenges facing the UK.
