The economy has moved out of a decade of debt and into a decade of painful readjustment, according to the quarterly forecast from the Ernst & Young Item Club.
Item said business optimism had started to improve and it expected the UK to pull out of recession when fourth-quarter gross domestic product figures were released later this month.
But it said the modest recovery was driven by restocking, the car scrappage scheme and the anticipated value added tax increase. Once these effects had worn off, it was difficult to see where growth was going to come from in the short term, Item said.
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