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UK recovery could take five years

The Bank of England monetary policy committee has revealed the inner thoughts of committee members with some believing that the UK recovery could take five years to complete. The balance between increasing tax income for the government, in order to pay down borrowings, and allowing businesses and consumers to retain enough money to let the economy grow is a very difficult act in itself.

There are growing concerns that a prolonged period of increased taxes will at the very least hold back the economy although when you bear in mind the massive cost of financing the UK national debt there is a need to eat into this as soon as possible. This is a very difficult situation for the UK government and the UK authorities are caught in a Catch-22 situation.

As we approach the general election, UK voters will not appreciate comments regarding increased taxation in the short term and reduced economic activity. The Labour Party will be looking to put as much gloss on the UK economic revival as possible while the Conservatives will be looking to milk Labour Party problems as much as possible. Inevitably, the truth of the matter will be somewhere between Labour Party comments and Conservative Party comments and it will be down to UK voters to make up their own minds.

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