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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government then potentially we could be voting at the general election using information which is incorrect or at best out of date.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.

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