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Bank of England sees recovery towards the end of 2009

In a move which will surprise many observers ahead of the budget on Wednesday it has been revealed that the Bank of England expect the UK economy to recover towards the end of 2009 and move into positive territory in 2010. Despite the fact that today we saw inflation turn negative for the first time in 50 years it seems as though the UK recession may be coming to an end and consumers may be growing in confidence.

While the move by the Bank of England could not have been better timed for the Labour Party and the UK government there are concerns of "rose tinted glasses" with some experts fearing it will be well into 2010 before we see any sustained recovery in the UK economy. For all of the huff and puff ahead of the UK budget on Wednesday in reality we will see taxes edge higher but all eyes will be on the forecast for the future, the government budget deficit and national debt.

It is highly likely that the UK government will use the growing optimism throughout the UK as cover for an admission that "we got it wrong" with regards to forecasts for the economy in November 2008. The figures have been shown to be so far out that the government's credibility is at stake and it will take a good show on Wednesday to put them back on track.

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