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OECD confident on UK economy

The Organisation for Economic Co-operation and Development (OECD) has today released a report suggesting that the UK economy will outperform fellow G7 members in the third quarter of 2010. This will be a welcome relief for the UK government which is currently under major pressure regarding proposed benefits and public-sector investment cuts at a time when many in the UK are struggling to make ends meet.

The OECD has upgraded its growth forecast for the UK economy to 0.7% in the third quarter from an earlier forecast of 0.5%. While this does not necessarily compare well with the 1.2% growth in the second quarter of 2010 there is no doubt that the economic situation worldwide is trending downwards. At the same time as increasing its forecasts for UK economic growth in the third quarter the OECD reduced its forecast for the final quarter of 2010 from 0.5% to 0.4%.

Interestingly, the OECD also believes that a worldwide double-dip session is "unlikely" although this is a situation which cannot be ruled out at this point in time. This is the first positive piece of news regarding the UK economy for some time as budget cuts and tax rises begin to affect economic growth, consumers and businesses.

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