UK Struggling With Recovery

11 July 2012 17:00 - Lucy Williams

    



UK Struggling With Recovery


The extra bank holiday in June flatters UK manufacturing output figures for May but reflects badly on recently released figures for June. The UK economy has fallen into its second recession in recent years and after recent reports suggested that further problems and weaknesses lay ahead the Bank of England injected £50 billion in order to help the economy and improve demand.

The Bank of England’s governor Mervyn King believes that the UK economy is showing little sign of recovery in the near future. Investor’s optimism for the eurozone has now diminished and left sentiments of uncertainty surrounding its future while preventing further investments being made by businesses. The Eurozone crisis is being blamed for impacting confidence levels in the UK as well as globally, affecting global economic recovery. Lower confidence levels are resulting in fewer investments and businesses sitting on billions of pounds, holding back vital funds from the economy. This could in turn result in the UK unemployment rate returning to a staggering 3 million. There has been speculation that the UK economy is just half way through a decade involving consistent weak growth and a high unemployment rate.

Events that took place on the June bank holiday surrounding the Queen’s Jubilee celebrations have affected production for June but the celebrations were however beneficial for May especially evident in retail sales. Figures released by the Office for National Statistics highlighted a fall in the UK’s trade deficit, doing little to help the UK economy and its recovery.

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Related Links :
Bank Of England - Official Website
Economic Events Calender - Scheduled Economic Events

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