While the news that UK may be avoiding a double dip recession would have come as a major relief to some politicians, the full story is gloomier never the less. The forecasts predict that the economy will grow by a mere 0.4% this year and may get to the 1.5% mark by 2013. Thought this is less than the predictions of the Independent Office for Budget Responsibility, which forecasts the economy to grow by 0.8% in 2012 and 2% in 2013, it certainly may not be a double dip recession for the UK.
Companies are being accused of hoarding cash, keeping them in their balance sheets rather than investing. The Bank of Englandís aims to inject about £325 Billion in the economy this year in order to stimulate the growth and also continues to hold the interest rates at record lows of 0.5%. However this is not resulting in the economy getting the kick start it was expected to deliver.
Kesh Thukaram, Director of Best Insurance commented saying that businesses continue to be risk averse. Companies continue to cut costs as there is no visibility of economy improving in the near term. Cost cutting and streamlining still is a better bet than investing for growth. While on a global scale, countries like China and Germany can be accused of sitting on cash piles that have not been invested, in the UK, unless companies start investing and start taking risks, there is no way the redundancies made by the public sector can be compensated by new job creation in the private sector.
There are no surprises as the government and other economists are forecasting that the unemployment rate will increase from the current 8.3% to nearly 9.3% by mid next year. However the worrying trend of lack of new investment indicates that there the issues of unemployment will remain for the foreseeable future.
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