Essay on UK Economy
When Brits storm stores in search of Christmas presents, the Finance Minister portends economic recovery. However, experts warn that consumption is rising and household debts are increasing.
For three years, the austerity has been reigning in the UK. The country overcame the recession twice. And now the Exchequer George Osborne says that spending cuts in the public sector have worked, the UK economy emerges from recession faster than any other European country.
Nevertheless, polls show that 70 percent of Britons have not felt to improve their family budgets.
Mancunians also buy gifts, but their mood is not all happiness. Emily Davis ’31, is a housewife, “My husband works in construction. And now he’s just heavily in debt.” Emily does not really believe in the bright future that promises Conservative government, “Maybe it’s right that they are trying to lighten the mood, but I still do not see the light at the end of the tunnel.”
Before retiring, Brian Jackson worked in a bank. He reinforces Emily’s words with figures: “People go deeper into debts. If you calculate the mortgage and then get on average of 55,000 pounds or 65,000 euro per capita. I think we still have to reduce our costs for five or six years.”
“What’s changed? Consumers stopped panic and again go for credits” – Colin Talbot, Manchester University professor, confirms in an interview with DW. According to him, it is the growth of private debt, rather than investments in the economy and exports, improve the overall financial performance in the country.
Independent Office for Budget Responsibility in UK, a kind of the Comptroller of the government, explains the improvement of financial projections by “cyclical rather than structural factors.” Salary grew in last year by an average of 0.7 percent, and inflation was more than 2 percent. With such indicators, there could not be talks about sustainable growth through private consumption.
The government says all the time about the need to develop the manufacturing industry, but, according to Chris Marslend – technical director of ENER-G. It produces heat and power installations with low emission of greenhouse gases – it does not enough for this. There is need in incentives, such as tax breaks for creating new productions: “I believe, Germany is the best example. Look how their engineering and products differ around the world. Germany today is the locomotive of Europe, and in fact it is what Great Britain had been.”
According to the British Statistical Office, industrial production growth from September to October 2013 was 0.4 percent. The Prime Minister David Cameron and Finance Minister George Osborne regard it as a success. Government is pleased by any positive changes, because in 2015 in the UK parliamentary elections.
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