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Bank charges: Economist reveals his outlook for Q2 2011

People currently experiencing bank charges may be interested to hear an economist's forecast for the second quarter of 2011.

John Greenwood, Invesco's chief economist, predicts that real GDP growth in the UK will reach 1.5 per cent and that inflation over 2011 will be 3.9 per cent.

He said: "Against a backdrop of falling real incomes, real GDP growth is likely to be disappointingly low this year and very dependent on exports and business investment while inflation, reflecting the overhang of easy money from the past, will exceed the two per cent target for the entire year."

Mr Greenwood added that the coalition government's fiscal strategy has been to reduce the budget deficit.

Commenting on this, he said that the Budget on March 23rd reaffirmed this strategy and offered some "inducements for growth", but these were countered with additional taxes.

He also said that most households have seen declines in their incomes and that they are likely to consider doing so for the rest of the year.

Charles Baker

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


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