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| UK economy: What the experts say | UK economy: What the experts say |
| (2 months later) | |
| With Britain's recovery picking up pace in the second quarter, official figures have confirmed that GDP expanded by 0.6%. Britain is on the mend, said George Osborne, but what do the economists say? | With Britain's recovery picking up pace in the second quarter, official figures have confirmed that GDP expanded by 0.6%. Britain is on the mend, said George Osborne, but what do the economists say? |
| Vicky Redwood, chief UK economist at Capital Economics | Vicky Redwood, chief UK economist at Capital Economics |
| "The UK recovery is picking up pace. While there are still significant obstacles to overcome before a strong and sustained recovery is in sight, the economy is moving in the right direction." | "The UK recovery is picking up pace. While there are still significant obstacles to overcome before a strong and sustained recovery is in sight, the economy is moving in the right direction." |
| Ian Stewart, chief economist at Deloitte | Ian Stewart, chief economist at Deloitte |
| "This broad-based rise in activity sets the scene for a gradual acceleration in growth next year. We are a long way from the heady rates of GDP growth that prevailed before the crisis, but the UK is on the mend." | "This broad-based rise in activity sets the scene for a gradual acceleration in growth next year. We are a long way from the heady rates of GDP growth that prevailed before the crisis, but the UK is on the mend." |
| Rob Wood, chief UK economist, Berenberg Bank | Rob Wood, chief UK economist, Berenberg Bank |
| "It's easy to pick holes in Britain's nascent recovery, but we shouldn't be churlish. All sectors expanded on the quarter and industrial production grew as fast as service-sector output." | "It's easy to pick holes in Britain's nascent recovery, but we shouldn't be churlish. All sectors expanded on the quarter and industrial production grew as fast as service-sector output." |
| Kevin Daly, chief UK economist at Goldman Sachs | Kevin Daly, chief UK economist at Goldman Sachs |
| "There is a difference between growth getting better and growth being good. The ONS figures show [the economy] is getting better, but is hardly good." | "There is a difference between growth getting better and growth being good. The ONS figures show [the economy] is getting better, but is hardly good." |
| Alan Clarke, UK economist at Scotiabank | Alan Clarke, UK economist at Scotiabank |
| "Surveys, housing indicators and hard monthly data have been undeniably robust. But can it last? We are reluctant to extrapolate the upward trajectory for growth much beyond early 2014." | "Surveys, housing indicators and hard monthly data have been undeniably robust. But can it last? We are reluctant to extrapolate the upward trajectory for growth much beyond early 2014." |
| Victoria Clarke, UK economist at Investec | Victoria Clarke, UK economist at Investec |
| "The recovery position remains far from strong and in our view still not approaching a faster recovery speed. " | "The recovery position remains far from strong and in our view still not approaching a faster recovery speed. " |
| Paul Bennett, president of Black Country Chamber of Commerce | Paul Bennett, president of Black Country Chamber of Commerce |
| "Short-term measures may have helped inject some life into the economy, but we would encourage government to consider its longer-term strategy, particularly a meaningful national investment bank." | "Short-term measures may have helped inject some life into the economy, but we would encourage government to consider its longer-term strategy, particularly a meaningful national investment bank." |
| Andrew Sentance, senior economic adviser, PwC | Andrew Sentance, senior economic adviser, PwC |
| "We should expect fluctuations, but the underlying trend is improving. This latest figure is consistent with our projection of 1% growth this year and 2% next, which would make 2014 the strongest year of the recovery so far." | "We should expect fluctuations, but the underlying trend is improving. This latest figure is consistent with our projection of 1% growth this year and 2% next, which would make 2014 the strongest year of the recovery so far." |
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