LONDON – The UK’s path back to growth is difficult, UK
Prime Minister David Cameron said at a press conference the day before
second quarter GDP figures are set to be published.
Some analysts believe growth in the second quarter could be flat or
negative, although the median forecast is for up 0.2% on the quarter.
Cameron said the UK has seen growth in exports and manufacturing.
“Clearly our path back to growth is a difficult one and has already
been a difficult one,” Cameron said.
“But I am confident we are taking the right steps to get on top of
our debt and deficit, to get out of the danger zone in Europe, to get
our economy moving,” he added.
He cited the governments’ steps to get debt and deficits under
Cameron said the difficult path to growth was inevitable because of
the imbalances in the UK economy prior to the financial crisis.
He said the UK was “recovering from a calamitous boom and bust,
where we had the most over-leveraged banks, the most indebted
households, the biggest boom and the biggest bust … and we had an
economy that was so unbalanced, our growth had been so based on such a
narrow base of banking and housing and finance and immigration rather
than being broadly based on manufacturing, technology and the industries
of the future.”
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