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UK economy showing some signs of growth

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Is the UK economy showing some signs of growth

Conditions in the British economy are unlikely to become as bad as they were at the start of the financial crisis, experts have insisted.

According to the Institute for Public Policy Research (IPPR), the economy is currently exhibiting some signs of growth.

Tony Dolphin, chief economist at the organisation, is therefore confident it will avoid returning to the condition it was in three to four years ago.

This could help to assure investors around the world who are planning to transfer money to the UK, as many are viewing the country as a relative safe haven amid the global economic turmoil.

However, the global nature of the financial market means that much of what happens in Britain over the next few years depends partly on the state of affairs overseas.

As a result, Mr Dolphin believes the size of the UK's economy will only return to 2008-09 levels in the event of a crisis such as a "complete collapse of the eurozone".

"You can't rule that out completely but I don't think it would be a central case," he commented.

"The central case is probably that as we move into next year, the economy is showing some signs of growth."

Mr Dolphin stated that if the eurozone does "collapse into a horrendous mess", Britain would be affected by a very deep recession in the financial bloc, even though it is not a member.

He described the 2008-09 recession as the "worst since the 1930s", which means it would be "pretty grim" if this happened again in such a short space of time.

This comes after the National Institute of Economic and Social Research predicted that the rate of growth in the global economy will slow down this year, partly because declining growth rates in emerging markets such as India and China.

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