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UK economic growth upgraded by Bank of England forecast

Over the next 3 – 4 years the UK economy should see a modest ascent to recovery although by historical standards, this is still quite weak and main risks to the recovery continue to stem from international origins as weak demand from the Eurozone has reflected.

According to figures released on Wednesday which showed the first three months of the year, France fell back into recession while as a whole, the Eurozone economy contracted for the sixth quarter in a row.

Recent figures showed UK unemployment rose in the first three months of this year, however, a separate report showed the number of Britons claiming job seekers allowance steadily fell by 7,300 last month to 1.52 million.

Despite a more positive forecast from the Bank of England – the Banks simply cannot fix the economy and its complicated recovery issues on its own, but one thing is unanimously agreed on, and that is the UK desperately needs an effective, long term economic solution and fast.

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