Bank of England’s Deputy Governor has apologized to the UK economy for calling it ‘menopausal’ during an interview. He has explained it as a displacement of words and poor choice of words. The productivity of the UK has become stagnant since the times of crisis which was seen in the global financial era. This crisis took place a decade ago and according to the data of this year it has slipped again at a massive rate especially at the first quarter of the current year.
The Deputy Governor of monetary policy suggested that during an interview that the situation which the UK economy is facing now can be equivalent to the rate of growth slump which was termed as ‘climacteric’ in Britain in the year 1880. He also explained the meaning of the word climacteric which can mean ‘menopausal’ for the current situation. The word can be applied for the productive peak too.
After the word to describe the economy of UK became controversial, he apologized later on by stating that it was a sheer poor choice of language for him. He actually wanted to explain the meaning of ‘climacteric’ which is term used by the economic historians during the early time of nineteenth century. He regretted extremely the offence that was caused by him.
The term is actually said by the economic historians to describe the lower rate of productivity growth for the economy of any countries. It was mainly said during the nineteenth century. It is also important to understand the meaning of economic productivity first. The term economic productivity means something which affects every one of the residents of a particular country or every one of us who are of all ages and all genders.