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Triple-Dip Recession may be avoided after all

There is fresh optimism that another period of recession, the third in just over five years in the UK, will be avoided.

A report from ICAEW / Grant Thornton Business Confidence Monitor (BCM) has revealed that business confidence is now at the highest level since the second quarter of 2011. The BCM survey has forecast that, instead of another period of decline, the UK economy is set to grow by 0.4pc over the course of the first three months of 2013.

There have been fears throughout the start of the New Year that the high-profile retail collapses of HMV, Jessops and Blockbuster, combined with a period of severe weather will have had a negative effect on economic growth, leading to another period of recession.

ICAEW Chief Executive, Michael Izza said: “There was a risk that, combined with the traditional January blues, the bad weather and some high-profile retail collapses, talk of a triple-dip recession could become self-fuelling”

“These results show that we are set to avoid a third period of technical recession, but no one should be complacent”.

The UK first entered into recession in 2007. A period of recession is confirmed after there are two consecutive three month periods of economic decline. Since then the economy has recovered twice and faltered once, leading to a double-dip recession, from which it has just recovered.

If you have any questions related to the economy please get in contact with one of our advisors who will be happy to help.

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