Wholesalers in the UK have also requested to lift the compulsion on a pay rise every year in the salaries of the employees as they’re unable to do it. The economists in the United Kingdom had predicted that after the first two quarters going down the third one in 2012 would be better and that was the case as well. But there is almost a consensus among the analysts that though the recession period is over but the recovery period is going to be painfully slow because consumer habits will certainly now take some time to change and the slow growth will also get some momentum only once the faith of the investors is restored in the market.
Mr. Acher who is the chief UK economist in HIS Global Insight research group was of the view that the Eurozone is going through a difficult era and the fiscal policy in the country has also been very slow so there hardly is a chance that the economy will start flourishing all at once, however, the process will continue slow and steady. The banks need to play a vital role according to the economists and they believed that the central bank must take drastic measures to increase the lending of short term loans to the small businessmen to keep the wheel moving.
Though the opposition blames the government for the crisis and says that it was the cost cuttings of the government that have laid down thousands of employees while on the other hand the government puts the blame on the Eurozone crisis, the economists believe that there is a bit of truth in both points of view, however, they opine that the Eurozone crisis is more responsible for this situation as it is the biggest trade partner of the UK and its economic conditions directly affect the UK’s economy.
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