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Deep Recession In 2012? - Britain’s Economy Could Shrink By 1.3% In 2012(12-Dec-2011)

There are several economists and analysts who make all sorts of predictions almost on a daily basis and increasingly there is more talk of doom and gloom. The Bank of England has its own sets of numbers and the Office for Budget Responsibility (OBR) has its view and predictions for the growth of British economy. Some analyst reports however have had a track record of being more accurate than others.  In one of the recently published survey reports which tracked over 350 such companies who produce such reports, Standard Chartered was ranked one of the most accurate economic forecaster. Hence any report from Standard Chartered cannot be brushed off as yet another doom and gloom report.

In a report that Standard Chartered published a few days ago that has been widely reported, the forecast is that the British economy will shrink by 1.3% in 2012 – which could mean deep recession. This is in sharp contrast to the growth forecast of Mr George Osborne, Chancellor of the Exchequer whose latest forecast is that the UK economy will grow by 0.7% in 2012. The report published by Standard Chartered also forecasts that the economy in the Eurozone by shrink by 1.5% and a similar prediction for the US, growth in Asia is expected to be robust at 6.5%.  

Kesh Thukaram, Director of Best Insurance commented on these figures and said that while some of the contracting figures from the analysts can be confusing, what cannot be argued is the number of people buying or making a claim on their income protection insurance or payment protection policies. The surge in the number of people buying both income protection insurance and payment protection insurance has doubled over last year. Normally, the months of November and December are quiet for such types of protection insurance but 2011 has been different as more and more people invest in income protection insurance or payment protection insurance to get that extra security layer to protect themselves against unemployment and redundancies.

He also added that there are many people who leave it to the last minute and by the time they call us, it is too late as they have been informed by their employer about redundancies and this unfortunately excludes them from buying income protection insurance or payment protection insurances.

The sentiment that came out of the BBC world survey of 11,000 people in 23 countries was that unemployment is the world's fastest-rising worry.

Best Insurance offers a wide range of unemployment insurance policies that covers loss of income due to involuntary redundancies. The income protection insurance and payment protection insurances allows people to cover all their outgoings and give them the peace of mind of a fall back if the worse were to happen to them.