Highlights - BoE officials speak to parliament committee on economy

LONDON (Reuters) - Bank of England Governor Mervyn King and other policymakers spoke to the British parliament's treasury committee about the central bank's quarterly economic outlook on Tuesday.

Following are highlights of remarks from King, BoE executive director for markets Paul Fisher and external members of the Monetary Policy Committee Paul Fisher, Ben Broadbent and Martin Weale,.

KING COMPLETELY CONFIDENT WITH CARNEY

"I think anyone who holds down a job like mine wants very much on the day when they leave, to hand the Bank on to someone who they know will carry on the good work, and I am completely confident with Mark Carney as someone with whom the Bank is in very good hands - as indeed is the role of governor which I am sure he will carry out with very great distinction.

"It may be unreasonable to expect anything other than a slow and protracted recovery absent a further fall in the real exchange rate. In such an environment, there are limits to the ability of domestic policy to stimulate private sector demand as the economy adjusts to a new equilibrium. In the event that further easing is required, I believe it appropriate to continue with our policy of purchasing gilts."

KING ON REBALANCING STILL NEEDED IN UK

"The underlying problem is one in which there is still a great deal of adjustment to be made in the financial sector, a great deal of adjustment to be made in the economy as a whole - the need for rebalancing - and in this sort of situation, it is very unlikely that we would expect to see a rapid recovery.

KING ON RAPID GROWTH CHANCES

"We have significantly lowered, in our view, the chances of growth being rapid. Now this is something which I think has been building up in our minds over the past year. It's not a sudden change between August and November. I think it was a result of finally realising that, as we had debated among ourselves, the chances of a very rapid expansion of growth - which you might have expected if this was a normal cyclical downturn and then recovery - we do not think the chances of very rapid growth in 2013 and 2014 are very great.

(Reporting by UK economics team)

Source: http://news.yahoo.com/boe-officials-speak-parliament-treasury-committee-102807865--business.html

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