UK economy 'very weak at the moment'
www.moneynews.co.uk > General finance > UK economy 'very weak at the moment'
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Money News |
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UK economy 'very weak at the moment'
Tue 27th Oct 2009
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Dominic Bryant, senior European economist at BNP Paribas, made his comments following news from the Office for National Statistics that the gross domestic product in the UK went down by 0.4 per cent in the third quarter, which means the country is still in recession.
He highlighted the large banking system in the country as a factor, since it affects the economy more when there are problems.
Mr Bryant also said that high household debt levels have made the situation worse and the government's deficit has meant that it has not been able to deliver large enough fiscal stimulus.
"There is a lot of talk about v-shaped recoveries - in the beginning you go down pretty quickly and you come back pretty quickly but that is not the case," he explained.
Recovery in the UK looks set to be "unimpressive", added Mr Bryant.
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