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Economy may never recover from banking crisis

Publié par Clifford Armion le 15/06/2010

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Francis Elliott, Gráinne Gilmore

"The economy, more damaged by the banking crisis than previously admitted, will grow more weakly and may never fully recover, the new Office for Budget Responsibility (OBR) said yesterday.

"The conclusion adds billions of pounds to the total that George Osborne must find if he is to restore the public finances to health.

"Public sector workers were warned yesterday that taxpayers could no longer afford their unreformed, gold-plated pension pots as the Lib-Con coalition Government used the first OBR forecasts to step up efforts to prepare voters for next week's Budget.

"Growth is forecast at 2.6 per cent next year and 2.8 per cent in 2012, far below Alistair Darling's predictions for 3.25 and 3.5 per cent respectively. This leaves Britain's structural deficit which is impervious to the economic cycle bigger than feared over the next five years. It will hit 8.8 per cent of GDP, or £123.7 billion this year, compared with Mr Darling's forecast of 8.4 per cent of GDP. By 2014-15 it will have fallen only to 2.8 per cent of GDP, the budget office said, rather than the 2.5 per cent anticipated by Labour."

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Pour citer cette ressource :

"Economy may never recover from banking crisis", La Clé des Langues [en ligne], Lyon, ENS de LYON/DGESCO (ISSN 2107-7029), juin 2010. Consulté le 18/05/2024. URL: https://cle.ens-lyon.fr/anglais/archives/archives-revue-de-presse/economy-may-never-recover-from-banking-crisis