UK economy leaves recession behind

Figures released by
the Office of National Statistics confirm that the UK
economy has come out of recession.

The economy grew 0.1
per cent in the final quarter of 2009. It had previously waned for six
consecutive quarters, making it the longest recession since quarterly figures
were first recorded in 1955.

Investec economist
David Page has said there is “plenty of room for surprises” in the figures,
which are estimated using only about 40 per cent of the available
data.

Despite the good news,
the treasury minister Lord Myners told BBC Radio Four that there were “some
difficult decisions still to be made about balancing the economy”. He also said
there is “a plan in place for growth moving forward, as growth will play an
important part in reducing the deficit”.

And in a further
boost, a poll conducted among senior buyers by international trade show World
Travel Market shows confidence is returning to the travel and tourism
industry.

According to the
report, 84 per cent of senior buyers are optimistic for the industry’s prospects
for 2010, with six out of ten surveyed saying it will perform better than
2009.

“It is great news for
the industry that its most senior buyers expect it to bounce back this year,”
says marketing manager Mark Jakobsen. “The global financial downturn has had a
significant impact on travel and tourism. Consumer confidence is starting to
recover and this is reflected in bookings so far in
2010.”

Paul Colston

Author

Paul Colston

Managing Editor, Conference News & Conference & Meetings World.

Up Next

Related Posts

banner