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Is confidence evaporating in the UK economy?

At a time when the UK economy had appeared to be turning the corner the Bank of England today struck a hammer blow with the announcement that Mervyn King had pushed for a £75 billion increase in the quantitative easing program, although he had been forced to accept a £50 billion increase. There have been various other downbeat statements regarding the UK economy over the last few weeks and Mervyn King would appear to be one of the most pessimistic in the UK at this moment in time.

If the Gov of the Bank of England is pessimistic about the economy this is sure to filter through to analysts, economists and the UK public. Confidence is a massive element of an eventual recovery in the UK economy and without this there is very little chance of a significant recovery in the economy in the short to medium term. Whether some analysts have taken their eye off the ball amid earlier hopes for a recovery in the economy is debatable, but the situation today would appear to be worse than it was even one month ago.

Having seen a number of false dawns in the UK economy, analysts and the UK public will be even more sceptical in the future and require greater evidence of an upturn before turning positive.

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