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Lies, Damned Lies and Financial Statistics

Posted on: 25.04.2013    09:09:10

So the stats are out. The UK escapes a triple dip recession by the skin of it teeth after shrinking 0.3% in the final quarter of 2012.

Even the weather has been against the UK in 2013 following snowstorms in January and March and with the construction sector performing poorly had left the outcome in the balance.

Facing mounting pressure to do more to help the recovery, Chancellor George Osborne has beefed up his flagship Funding for Lending (FLS) scheme yesterday to help cash-starved businesses and spur on growth let’s hope the scheme to assist tertiary lenders will actually see the business being starved of cash  actually receive injections.

UK avoids triple dipOK 0.3% growth does little to ease fears over the strength of the recovery and sceptics might suspect a statistical error of convenience!

With Fitch following Moody’s in striping Britain of its AAA rating, citing a weaker economic outlook and worse-than-expected progress on cutting debt levels the financial markets lack confidence not helped by the new Governor of the Bank of England stating the UK was a crisis economy. The view from Europe is little better with critical comments from Christine Legarde.

Activity in the first quarter has so far been erratic, but there are hopes that the better performance from the powerhouse services sector and bounce back among manufacturers after a dire January was enough to see GDP return to growth. Construction is possibly showing the first shots in terms of profitability if not overall activity.

 

Author: Chris Slay

 

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