Evening Standard: UK isolation increases as Italy escapes recession

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Dec 10

2009

Evening Standard: UK isolation increases as Italy escapes recession

The contrast between Britain's lagging economy and the rest of Europe was highlighted as Italy officially pulled out of recession today. By Simon English

In contrast, the Bank of England held interest rates at an all-time low of 0.5% as it tries to revive the sluggish UK economy.

Italy's third-quarter gross domestic product grew 0.6%, after five quarters of contraction. That growth is a bit higher than the eurozone average of 0.4%.

The Bank's Monetary Policy Committee has had interest rates at 0.5% since last March. It said today that it would continue with the £200 billion quantitative easing scheme - designed to increase the supply of money in the economy.

Stephen Boyle, Head of RBS Group Economics said: "The MPC has dished out many gifts to the economy throughout the year These presents are gifts that will help to get the economy back on its feet in the New Year."

Not everyone agrees with Boyle. James Hughes, chief economist at Black Swan Capital wealth management, said: "The market has voiced its opinion on the future of the UK economy: it's going down. Highly indebted countries can only rescue themselves from economic misery by pulling off a growth miracle, which seems unlikely."

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Evening Standard: UK isolation increases as Italy escapes recession

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