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Loan Protection: Economic recovery set to 'withstand' spending cuts

The UK economy will continue to recover despite the raft of austerity measures announced by the government, according to an economic forecasting group

Chancellor George Osborne yesterday (October 20th) announced the depth of the cuts to spending, with £81 billion set to be slashed from the public sector over the next four years.

Andrew Goodwin, senior economic advisor to the Ernst & Young ITEM Club, expressed his belief that the economy would continue to grow.

He said: "The chancellor has managed to deliver a plan which keeps spending within the parameters that he set himself in June's emergency Budget. This reinforces the fiscal credibility of the coalition government."

Mr Goodwin added that firms are likely to begin investing in jobs and equipment now that the "uncertainty" over the cuts has been lifted.

Although the cuts are yet to fuel a market reaction, they have started to respond to the spending review with sterling rising against the dollar as the budget cuts were announced.

Posted by Charles Baker

Charles is a reputed financial analyst with almost decades of experience under his belt. ADNFCR-2776-ID-800135683-ADNFCR

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