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Double-dip fears ‘exaggerated’
The UK economic recovery is losing momentum but chances of a double-dip recession has been exaggerated, according to a report from the Ernst & Young ITEM club.
The report predicts that the economy will grow 1.4% this year and 2.2% in 2011 - but warns that it will slow in the coming months.
"The economy is likely to slow over the winter following a surprisingly positive first half of the year, but I think this will be a soft-patch, not a double-dip," said Peter Spencer, chief economic adviser to the Ernst & Young ITEM Club.
Mr Spencer said that once the uncertainty was over, businesses would be more likely to relax and increase investment.
"Helping the UK out of recession has been a bit like peeling back an onion - removing one-by-one the risks to the economy in order to re-build business confidence."
Post Date: October 18th, 2010
The report predicts that the economy will grow 1.4% this year and 2.2% in 2011 - but warns that it will slow in the coming months.
"The economy is likely to slow over the winter following a surprisingly positive first half of the year, but I think this will be a soft-patch, not a double-dip," said Peter Spencer, chief economic adviser to the Ernst & Young ITEM Club.
Mr Spencer said that once the uncertainty was over, businesses would be more likely to relax and increase investment.
"Helping the UK out of recession has been a bit like peeling back an onion - removing one-by-one the risks to the economy in order to re-build business confidence."
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Post Date: October 18th, 2010
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