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PPI Claim News - 27/1/2010

 
Bank Refunds: 'UK's tiny exit from recession is quite worrying'

As the UK exits the longest recession since records began experts say it is "quite worrying" how close a call it was.

Figures released by the Office for National Statistics (ONS) yesterday revealed the economy grew by 0.1 per cent during the final quarter of 2009, a revelation that has less than impressed some finance professionals.

Michael Baxter economist and editor of Investment and Business News said he had hoped the increase would be more positive.

"Basing it on the information that we have got it is quite worrying that the recovery was so tiny," he commented.

Others shared his view. The National Institute of Economic and Social Research predicted that the economy would grow by around 0.3 per cent, while the ONS were expecting a growth of around 0.4 per cent, dwarfing the actual figure.

Britain's modest exit from the recession is expected to offer little comfort to many consumers.

Last year GDP dropped by a staggering 4.8 per cent, Britain’s largest contraction since 1921, making an increase by 0.1 per cent incomparable to many.

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