Hard times: The UK is unlikely to pull out of its double-dip
recession this quarter, global economic think tank the OECD has warned, meaning
more suffering for British businesses and consumers
* International experts
expect output to shrink by 0.7 per cent this year
* Paris-based OECD had predicted 0.5 per cent growth in May
* Downgrade is blow to George Osborne's battle to drag UK out
of recession
The outlook for the economy is worsening, international
experts said yesterday.
The Organisation for Economic Cooperation and Development
expects output to shrink by 0.7 per cent this year – far worse than the 0.5 per
cent growth it had predicted in May.
Coalition ministers warned however that there was no ‘quick
fix’ for the economy while ridiculing Labour’s solution to add more debt.
The Paris-based OECD also cut its forecasts for other major
developed countries including Germany, France and Italy.
But the UK downgrade was by far the worst and came as a blow
to Chancellor George Osborne’s battle to drag the economy out of recession and
wipe out the deficit inherited from Labour.
David Cameron said yesterday that it was difficult to
kickstart growth: ‘If there was a button you could push in Whitehall which just
said “right, growth comes” I would have pushed it long ago. (Read further: Source)
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