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PPI: UK economy unlikely to repeat growth of 2010

The UK economy is unlikely to continue to grow in 2011, an economic forecasting group has claimed.

The latest business condition survey by the Bank of England revealed that firms are increasingly investing funds, with both current and planned levels of investment in the service and manufacturing sectors continuing to accelerate moderately.

However, Andrew Goodwin, senior economic advisor to the Ernst & Young ITEM Club, claimed the growth of the economy is likely to slow down next year.

He said: "We're unlikely to see the economy continuing to grow at the pace we saw in Q2 and Q3 - that was very much down to some extraordinary construction figures which are unlikely to be repeated."

Mr Goodwin added that firms who built up cash surpluses in the recession may still be unlikely to invest their funds as the economic outlook is still uncertain following the comprehensive spending review.

Posted by Samantha Clarke

Samantha is a former banking assistant and has over ten years experience in retail banking ADNFCR-2776-ID-800247364-ADNFCR

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