Mar 27, 2013

Industry news - Differing views on AAA downgrading

The downgrading of the UK’s AAA credit rating has led to differing views on how the economy can be stimulated. The lobbying for further tax and spending cuts is being matched by demands to implement expanded spending initiatives.

There seems little prospect in the coming 12 months of a meaningful improvement in the UK economy and questions remain over how a revival in growth will be encouraged.

Furthermore, the recent Budget unveiled by Chancellor George Osborne indicates the depth of the economic problems facing the country as it battles to rebalance the business books.

David Thomson, CEO of Close Brothers Invoice Finance, added: “Weak consumer spending shows no sign of receiving the stimulus required to inject fresh optimism into the increasingly shrinking high street. With limited disposable income, the general consensus is that the purchasing public will continue to keep the collective purse closed. That reluctance to spend is not surprising given the statistical inflation forecast.”

The average inflation figure is expected to consolidate between margins of 2.5% and 3% compared with the much lower 1.8% increase figure for wages. The same picture of uncertainty surrounds the housing market. Most analysts expect the price of housing stock to continue and at best, to flat-line.

Against this backdrop, the British Chamber of Commerce’s call for easier access to finance, in order to drive recovery, makes business sense.

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