UK economy is growing at last, says Ernst & Young
Nick FletcherBritain will return to growth in the second half of the year thanks to a rise in consumer spending and a revival of high street sales, according to Ernst & Young (E&Y).
But the latest forecast from the E&Y Item Club shows this will not be enough to prevent a 0.2% fall in GDP for 2012 as a whole, nor will it prevent the chancellor, George Osborne, from missing the £95bn deficit target for the year by £8bn.
Disappointing trade figures due to the eurozone crisis and weaker demand in the US, India and China stifled growth in the first half of the year, said Item. But falling inflation and rising employment have resulted in consumer demand bouncing back more strongly than expected, taking up some of the slack. These trends will gather pace next year, helped by a revival in the housing market, with GDP expected to grow 1.2% in 2013 and 2.4% in 2014.
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"UK economy is growing at last, says Ernst & Young", La Clé des Langues [en ligne], Lyon, ENS de LYON/DGESCO (ISSN 2107-7029), octobre 2012. Consulté le 01/12/2023. URL: https://cle.ens-lyon.fr/anglais/archives/archives-revue-de-presse/uk-economy-is-growing-at-last-says-ernst-young