This year has already seen a political party coup attemp and instability in both Westminster and Stormont, despite being only 12 days old. Today we consider how this uncertainty could potentially affect the UK economy in 2010.
In January 2009 the UK entered recession for the first time since 1991, after experiencing two consecutive quarters of negative economic growth. As it stands the UK is one of the last major economies still in recession, with the French and German economies having exited the recession last summer. This has left many people questioning the current government’s tactics for conquering the recession and made people ask the same question ‘How much longer is this likely to last?’
According to the British Chamber of Commerce (BCC), the UK economy is on the ‘Brink of leaving recession’. In its economic survey for the fourth quarter of 2009, the BCC says there have been improvements in many areas, most strikingly in manufacturing, but it warned that, despite exports in the service sector strengthening, services were still struggling.
With the General Election set to take place later this year, the electorate will decide if the current political party has the ability to take us out of recession and build for the future, or whether a fresh impetus and plan of action is needed. Either way, the political debate will continue for the next few months, whilst the average UK person continues to struggle with their day to day life, due to the economic downturn.
Will the outcome of the General Election determine our countries path and will the ‘Great’ be put back in Great Britain? Those are questions that will be answered in the coming months and I have no doubt they will be eagerly anticipated by the majority of people in the UK.
Let’s hope its a Happy New Year…!
If you would like discuss how our Debt Recovery/Debt Collection service can assist your business, please visit the ‘Debt Recovery/Debt Collection’ section on our website, contact us on +44 (0) 151 515 3014 or email us.
