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UK economy in limbo

Each day seems to bring a different spin on the performance of the UK economy with a reduction in retail spending countered by a forecast reduction in inflation but there are so many other issues to consider in the short to medium term. In many ways analysts are as confused today about the direction of the UK economy as they were six months ago with many privately concerned about the potential for a double dip recession.

We have covered a number of different economic forecasts, economic numbers and economic reports over the last few days which have given contradictory indications about the direction of the UK economy in the short term. However, perhaps more telling than most, we saw the Bank of England step into the fray yesterday confirming it was downgrading its UK economic growth forecast for 2010 and flagged the potential re-introduction of the quantitative easing program if the UK economy fails to respond in a positive manner in the first half of 2010.

While on the surface the UK economy is certainly in a better situation than it was 6 to 12 months ago, even if the future direction is clouded in mystery, the fact that UK personal debt, UK national debt and the budget deficit are at record highs is a concern for the medium to longer term. The truth is there is no quick fix for the current economic problems haunting the UK and it will simply be a case of small steps forward.

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