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British Bankers Association cool on immediate economic outlook

The British Bankers Association (BBA) has confirmed that mortgage approvals in the UK are now double the level they were when the credit crunch was at its worst last November but the association is playing it cool with regards to the immediate economic outlook. There has also been confirmation that many UK mortgage holders are paying back more than they need to which is being seen as a negative aspect, with experts assuming more and more people are concerned about the short to medium term outlook for employment in particular.

On the subject of employment, while many believe the unemployment figure has peaked there is concern that it could actually move higher, or at best the reduction in the short to medium term will be minimal to say the least. It is easy to forget that even if the UK economy turned around tomorrow it will take some time to filter through into the business arena, unemployment figures and profitability. While it is interesting and positive to see an increase in mortgage approvals, at least in the short term, the rate of growth in this particular area has slowed somewhat over the last few weeks.

While there may be light at the end of the tunnel, there are still a number of potential potholes to navigate.

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