British MPC member sees recession daylight

LONDON, April 16 (UPI) -- The newest member of the Bank of England's Monetary Policy Committee, David Miles, says he sees signs of the beginning of the end of the global recession.

Miles said he is not making a "confident prediction" about the end of the downturn, but that there have been indications that the British government's economic strategy has already begun showing positive results.

"It is early days but the early signs are that it's having an impact and the hope is this will have an impact on the cost of corporate debt and its availability, as the money flows through the system, making it easier for banks to lend," said Miles, the chief U.K. economist for Morgan Stanley.

The Daily Telegraph said Thursday the Bank of England plans to create up to 150 billion pounds ($223.6 billion) of new money to help lower credit costs for British companies. The plan is to be announced next week.