UK still waiting for economic growth
UK still waiting for economic growth
Tuesday 12th January 2010
Despite hopes Christmas sales would boost the economy, an economic survey has found there is no "conclusive evidence of any robust" UK growth.The British Chambers of Commerce (BCC) said in its quarter four economic survey that there were improvements in most key national indicators and a particular boost for manufacturing.
But the BCC cautioned that several key measures are still negative in both the manufacturing and service sectors; with home orders, employment expectations, and investment in plant and machinery still in negative territory.
David Frost, director general of the BCC, said: "Although these results are not as impressive as hoped, they do contain some positive features - most notably strong improvements in employment and exports within the manufacturing sector.
"Businesses are showing resilience despite difficult and uncertain trading conditions. Confidence is improving, and the boost in exports must be nurtured in order to strengthen Britain's trade position globally, and to help rebalance the economy away from an over-reliance on the public sector."
Mr Frost said it was "vital" that the government now helps businesses to recover, including scrapping the planned one per cent rise in employers' National Insurance contributions next year.
"With improvements in most key national indicators, the Q4 results support the view that we are on the brink of leaving recession. However, with a number of critical measures still in negative territory, the economy is struggling to enter the recovery phase," David Kern, chief economist at the BCC, added.
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