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UK Think Tank: 2013 Will Be "Groundhog Year" For Economy

Jan 02 2013
By
Forexbrokerz.com

The UK economy will face a "groundhog year" in 2013, the Institute for Public Policy Research (IPPR) has warned in a report on Tuesday.

Export growth has tailed off badly because Europe, the UK's main market, is back in recession. The government is cutting its spending on goods and services and businesses are reluctant to spend, the think tank said in the report.

"Consumer spending is increasing at a sub-par rate because wages are growing less rapidly than prices and households are choosing to reduce their debts," it said.

The government should ease monetary and policy and if that is ineffective, should consider easing fiscal policy, IPPR said in the report.

In a report on Monday, Confederation of British Industry (CBI) Director-General John Cridland said the UK should remain in the European Union.

"It was vital the UK remained at the EU table banging the drum for its national interest - shaping the agenda on Single Market reform; on climate change; protecting the financial services industry; and promoting new trade agreements," he said.

"We need to recognise and adapt to the realities of the multi-speed Europe which is emerging," he said, adding "the debate about our future in Europe in 2013 must be based on an informed, hard-headed analysis of where our long-term economic and financial interests lie."

The material has been provided by Instaforex Company - instaforex.com
TAGS: UK  Think  Tank:  2013  Will  Be  "Groundhog  Year"  For  Economy   

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