A full-blown recession for the UK’s economy in the coming months is a “remote risk”, according to the assessment of one expert.
Andrew Sentance, a member of the Bank of England’s interest rate setting monetary policy committee, is convinced that the British economy is flexible enough to ensure that its growth will continue.
However, with millions of consumers struggling to become debt free, Mr Sentance has made clear that the country is set to experience a period of “pronounced slowdown”.
“In my judgment an outright recession – in which economic activity falls year-on-year – is a remote risk for the UK economy at present,” he said.
The bank’s analyst went on to admit that uncertainty is likely to remain about how long the slowdown in economic growth last and how badly it will impact British businesses and consumers.
Last week, an economic spokesperson for the Conservatives claimed that the increasing level of voluntary bankruptcy in the UK was the result of poor decision-making by prime minister Gordon Brown during his time as chancellor.