UK to avoid triple dip recession

There's been good news for the British economy as the Organisation for Economic Co-operation and Development (OECD) has confirmed the long feared triple dip recession will not come to pass.

The UK is expected to have grown at an annual rate of 0.5% in the first quarter and to grow at 1.4% in the second, boosted by a stronger performance within the service industry.

Pier Carlo Padoan, the OECD's chief economist, said: "I think the policy course, both in terms of monetary and fiscal policy, is going in the right direction and improvements are beginning to be seen."

Those with a negative outlook may bemoan slow growth within the country, but it's clear that, as we come out of a long Easter weekend, there's a lot of positivity around.

Coinciding with the OECD figures, a separate survey by the Confederation of British Industry (CBI) has found increasing optimism among SMEs in their outlook for the coming three months.

Anna Leach, CBI Head of Economic Analysis, commented "better news on the domestic front is expected, with output and domestic orders set to rise".

When more than 300 small business owners were asked for their predictions for growth in new orders, there was a nine percentage point increase in favourable responses compared to the previous quarter.

The survey discovered a slightly decreased level of confidence in exports, but this was overwhelmed by the optimism surrounding orders from within the British economy.

We use cookies to create the most secure and effective website possible for our customers. Full details can be found here