UK economy | Income protection | payment protection

Green shoots or just a mirage?

The figures released by the Office of National Statistics (ONS) are encouraging and a welcome respite from the spate of redundancies and growth decline that has dominated our lives for the past 2 years. 

In the first three months of 2011, the UK economy grew by 0.5% in the first three months. This is refreshing after the news from the final three months of 2010, wherein the economy shrank by 0.5%. 

The household spending continues to fall and fell by 0.6% in the last three months. This has been the biggest fall since the second quarter of 2009. So where has the economic growth come from, the answer is the exports. Latest figures released by the government show that Britainís trade deficit decreased to £ 5.7 Billion in this quarter from £ 11.5 Billion of last year. This has been the biggest upward contribution ever from trade growth ever since records began in 1955. However, it all not good news as the business investment declined 7.1% in the first quarter of 2011 which has been the biggest fall for two years.

Is it market re-alignment and adjustment or real slump in investment due to low consumer demand, are the figures firm green shoots or just wishful thinking? - Only time can tell.

Kesh Thukaram, Director of Best Insurance said, until companies start investing and create jobs, it is unlikely that there will be any change in the state of the economy. With the influx of graduates from 2011 coming onto the job market, the unemployment numbers are bound to rise. UK is already one of the toughest western economies for young graduates to find a job and with companies reducing their investments, this problem will unfortunately accentuate.

While Payment Protection insurance mis-selling by the banks has been in the news for the past few weeks, the demand for redundancy insurance is on the rise. People continue to depend on either a payment protection cover or income protection insurance as they just cannot depend on the stability of their jobs or hope their employer will be generous with redundancy pay-outs. Best Insurance has been servicing the protection insurance market for last several years and has been championing the cause of people having a protection and being capable of looking after themselves and their families responsibly. 

Best Insurance sells a range of income protection and payment protection insurances. Its range of redundancy protection are one of the best insurances available in the market. 

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