What does the future hold for the UK economy?
As the Office for National Statistics issues yet more revisions regarding the performance of the UK economy during the first quarter of 2009 there are concerns about UK government forecasts for the future. The UK government is forecasting economic growth of 1.25% in 2010 although the Organisation for Economic Co-operation and Development believes that the UK economy will show no growth and effectively stagnated throughout 2010.
The UK authorities are banking on an economic recovery as the next general election approaches amid signs that Gordon Brown has cancelled plans to call a snap election in October. As we near D-Day the situation will become more critical and the figures released by the Office for National Statistics more vital than ever before. However, as we mentioned in one of our early posts if we are unable to trust the official figures from the government then potentially we could be voting at the general election using information which is incorrect or at best out of date.
However, it is vital that despite the discrepancies in the past, consumers and businesses in the UK continue to look forward because there are potential signs of recovery in various areas of the UK economy although it has to be said many are at a very early stage and nothing is guaranteed.
Share this..
Related stories
No Christmas presents from the credit card companies!
The revelation that some credit card companies are pushing their rates higher, some by as much as 7%, is the worst news that the UK retail sector and UK consumers could have hoped for. The recent move by Capital One has seen rates rise as high as almost 40% which will be the level of interest attached to Christmas and January buys unless customers of the credit card company are unable to pay off t...
Read MoreHome Retail warns of 'challenging' market
Home Retail, the UK's largest household goods retailer, has posted a higher-than-expected annual profit, but warned that the retail market is likely to remain challenging over the forthcoming year.In a statement the company revealed that profit before tax goodwill and one-off items was up 13 per cent in 2006, to £376.7 million.The preliminary results also showed that overall group sales were up s...
Read MoreCouncil tenants to lose right to lifetime occupation
11/12/2015 The government has announced new plans that mean council tenants will lose the right to stay in their homes for life. The new changes, which will be amendments to the Housing Bill, will mean occupational rights for new tenancies will only stretch up to five years at the most. If the amendment is passed into law, councils will have to provide people seeking council homes fixed ter...
Read MoreNational Sickie day to cost £30 million!
The number of people calling in sick today is expected to peak at 350,000 on what employers are calling National Sickie day. It is unclear exactly why so many people are expected to call in sick today for what is clear is that it is set to cost UK businesses around £30 million! The survey also found that many employers in the UK are now accepting communication via e-mail and text rather than t...
Read MoreAlistair Darling admits sterling is in freefall
Earlier this week we had the Bank of England suggesting that the UK economy was sluggish at best and still in a consolidation period at worst. Then we saw Alistair Darling commenting upon the UK budget deficit and national debt, a subject which has for some time been one that was ignored by the Labour Party. However, today Alistair Darling has readily admitted that the UK government does not have...
Read More