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UK economic growth revised upwards

Despite the fact that many economists believe that the UK is on the verge of a double dip recession the UK authorities yesterday surprisingly upgraded UK economic growth in the second quarter to 1.2%. The main factor behind the revision was household spending, which increased by 0.7% over the period. So what does this mean for the UK economy?

Unfortunately, these figures are historic and ultimately show how the UK economy has performed in the past. The future is very different with budget cuts, tax rises and concerns regarding the US economy all coming into play in the short to medium term. More and more people are now openly discussing the prospects for a double dip recession in the UK at a time when UK economic growth is being questioned.

Whether or not the UK actually falls into a double dip recession remains to be seen but we can almost certainly assume that UK economic growth will falter in the second half of 2010. Whether 2011 will be as bad as many people expect remains to be seen but ultimately it may well be outside forces, such as the faltering US economy, which eventually push the UK towards a double dip recession.

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