Paul Fisher, the Markets Director at the Bank of England (BOE) has said that the policy makers in the UK must continue to support the British economy through stimulus packages.

He indicated that the economy still requires government assistance for a full recovery as the customers and the companies are still reducing their debt level and rebuilding confidence levels. A plan to offer stimulus backed by Fisher, along with Governor Mervyn King and David Miles failed to get approval from the nine-member Monetary Policy Committee at May 8-9 meeting.

“My policy vote has been driven by the need to continue supporting the required real adjustments, which still have much to work through but cautiously, so as not to risk inflation expectations becoming deanchored,” Fisher said.

He noted that the faster growth rates in the medium term might help keep inflation under control. Fisher observed that the economy has returned to growth in the first quarter and said that the economy is showing signs of recovery but pointed out that the periods of boom are still far away.

He said that the growth is likely to remain slow until balance sheets adjustments are made for the entire economy in the UK.