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UK economy is no Greek tragedy

Even though the Office for Budget Responsibility significantly reduced forecasts for UK economic growth in 2010 and 2011 thankfully there was a reiteration that the UK economy is no Greek tragedy. In reality the Greek economy has been storing up problems for many years now, indeed many EU members have highlighted this in the past, and the credit crunch and resulting worldwide recession literally tipped the country over the edge. So why is the UK any different?

The UK economy will not be experiencing the kind of budget cuts forced upon the Greek government even though there will be enormous public sector spending reductions announced by David Cameron. There is also the underlying strength of the UK economy, albeit weakened over the last couple of years, which will also see the UK budget deficit reduced sharper and in a more controlled manner than its Greek counterpart. However, that is not to say that the UK Triple-A rating will definitely remain in place in the short to medium term but even if there is a downgrade it is likely we will see a return to the goldplated rating in due course.

These comments will offer comfort to some of the U.K.'s struggling businesses and business leaders many of whom were concerned we were on the verge of a double dip recession.

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