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Tesco confident on economic recovery

Results from Tesco today showed an 8% increase in sales to £32.9 billion for the first half of 2010 with underlying profits up 14% to £1.8 billion. However, it seems that the economic recovery in the UK, while "slow and steady", is trailing that of international markets with Tesco reporting a marked recovery in its international portfolio.

It seems as though fuel costs in the UK are eating into profit margins, consumer budgets and in many ways hampering the ongoing recovery in the UK economy. While the company is reluctant to say the worst is over and we will not return to a further downward spiral in the worldwide economy, the tone of the comments from Tesco are more upbeat than downbeat to say the least. So where does this leave the UK?

Over the years it has become more and more apparent that operating a business in the UK can often be hampered by such elements as high corporate taxation and fuel duty. These particular issues have come to the fore over the last few years with the UK government determined to slash the budget deficit by whatever means possible. It may only be when the taxation purse strings are released in the UK that we see the economy return to "normal growth patterns".

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