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Ernst & Young optimistic regarding UK economy

The very influential Ernst & Young Item Club has today issued a very encouraging and moderately upbeat report on the UK economy and the UK housing market. Experts at Ernst & Young believe that while the UK housing market and the UK economy will soften during the remainder of 2010 and into 2011, they are only forecasting a reduction in house prices of 5% from the recent peak and at worst a soft patch for the UK economy.

This is one of the more upbeat surveys to hit the news wires of late although on the downside there is a growing belief that UK unemployment has yet to peak and the potential job losses in the public sector could reach hundreds of thousands in the short to medium term. This will have a knock-on effect to the private sector although ultimately if the Ernst & Young forecast for the economy is correct then we should hopefully avoid a double-dip recession.

It is becoming more and more evident that predicting the short to medium term path of the UK economy and the UK housing market has never been harder. Experts who have access to the latest information and the latest "news on the streets" are still issuing very contradictory information and forecasts. What hope do we have for the short term?

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