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News - 9 September 2013

UK economy is turning corner.

In a speech in London on Monday 9th September, Chancellor George Osborne said that the UK economy is "turning a corner" and cited "tentative signs of a balanced, broad based and sustainable recovery", but stressed it was still the "early stages" and "plenty of risks" remained.

The speech comes ahead of the Conservative Party conference later this month, and after a number of forecasts and surveys pointed to acceleration in the UK's economic recovery.

Tonmoy Kumar, Manager of the Accounts Department of ABDS comments:
“Revised gross domestic product figures showed the UK economy grew by 0.7% in the second quarter of the year, with predictions it could reach 1% for the third quarter and last week the OECD economic agency sharply increased its growth forecast for the UK economy this year to 1.5% from an earlier estimate of 0.8%.”

Opposition leader Ed Miliband told the BBC that the chancellor was "saying to people that he has saved the British economy at a time when, for ordinary families, life is getting worse".
"If ever you wanted proof that the government is out of touch with most people, that it is on the side of the few, George Osborne has provided it today," he added.

The Chancellor dismissed Labour claims he was encouraging "the wrong sort of growth" - led by debt-fuelled consumer spending - insisting the evidence suggested "tentative signs of a balanced, broad based and sustainable recovery".

For those who are looking for a more personal approach on a range of issues, including Business strategy, business recovery, sale or acquisition, VAT and all other tax strategies, contact us at ABDS.


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Tel: 023 8083 6900  E-mail: abds@netaccountants.net

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