Thursday, 25 October 2012

UK GDP Increases Thanks To Olympics & Jubilee

http://news.sky.com/story/1002496/recession-ends-amid-olympic-games-boost

This summer's Olympic Games have at first glance, lifted the UK out of recession. 

There was a 1% return to growth in the third quarter of this year, largely due to Olympic ticket sales, along with the additional Bank Holiday to celebrate the Queen's Diamond Jubilee.

Both the Prime Minister and the Chancellor were very quick to seize on any good economic news, loudly proclaiming that the UK is 'on the right track'.

However, with a number of employment sectors still yet to show signs of recovery, most business organisations have greeted today's figures with caution.

And whilst he welcomed this morning's news, Shadow Chancellor Ed Balls insisted that the UK had a very long way to go before any sustained economic improvement was in sight.

The Olympics and the Jubilee were always going to be a huge boost for the economy.  But with a return to negative growth in the final quarter of this year still highly likely, it extremely premature to start celebrating.

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