The evidence mentioned by Sentance includes "the OECD's UK leading indicator [which] has bounced back very sharply and has been pointing to a resumption of growth since the first half of this year," as well as recent surveys from the CBI and the British Retail Consortium.
Sentance's speech represents the strongest indication yet from the Bank of England that the recession is over. Last week, the Bank of England's November 2009 Inflation Report took a more cautious view, stating that the UK economy looks set to return to growth over "the coming quarters".
The Office for National Statistics (ONS) will issue its revised estimates for gross domestic product (GDP) growth in the third quarter of 2009 on Tuesday 25 November 2009. There is much media speculation that the Government is pinning its hopes on these revised estimates signalling a return to economic growth.
The Times, for example, reports that the Government has delayed the publication of its Pre-Budget Report 2009 (which will also draw the battle lines for the 2010 general election) until 9 December 2009 in order to capitalise on the hoped-for good news (external website).
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