September 5, 2011 / 12:00 AM / 6 years ago

PIMCO's Gross urges rethink of UK recovery strategy

 LONDON, Sept 5 (Reuters) - The austerity measures
implemented by British finance minister George Osborne risk
pushing the UK economy into recession, Bill Gross, the manager
of PIMCO, said in an interview with the Times newspaper.
 Gross, who manages the world's biggest bond fund, told the
newspaper that a "mid-course correction" of the fiscal plans
would lift the economy and should not damage the country's
standing with bond investors.
 "The economy in the UK is worse off than it was when the
plan was developed, so there should be at a minimum fine-tuning
and perhaps re-routing of the plan," he was quoted as saying.
 Gross said a similar argument applied to other leading
economies, including in the euro zone and the United States,
which he said faced a mounting crisis. [ID:nN1E77S1I6]
 "The UK is actually in the best position of all to make a
mid-course correction," Gross said.
 He told the newspaper that he did not want a 180-degree
U-turn but that for PIMCO "a mild re-adjustment that might keep
the economy out of recession would be viewed very favourably".
 (Writing by Stephen Mangan; Editing by Dale Hudson)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below