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Bank Claims: UK economy won't reach pre-recession levels until 2015

The UK economy will not register pre-recession GDP growth levels until 2015, it has been claimed.

A recent forecast by the British Chambers of Commerce (BCC) predicted that there will be positive GDP growth of 1.9 per cent in 2011, and 2.1 per cent in 2012.

This latest prediction is lower than BCC's previous prediction of 2.2 per cent GDP growth in 2011.

Samuel Tombs, UK economist at Capital Economics, claimed that the UK economy is unlikely to grow considerably until around 2015.

He said: "I think it will take several years - perhaps to the middle of the decade - for output to recover to its pre-recession level."

Mr Tombs added that the government's austerity measures will slow down the economic recovery over the coming years, with the private sector also significantly hampered by the "fiscal squeeze".

Posted by Charles Baker

Charles is a reputed financial analyst with almost decades of experience under his belt


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