UK economic output will lose five years growth warns NIESR
Economic growth in the UK “remains subdued” and output will not reach 2008 levels until 2013, the National Institute for Economic and Social Research (NIESR) has warned.
NIESR said output fell to 0.3% in the three months to the end of November, from 0.4% in the quarter to October.
The think tank said that while the recession was over, the period of depression was likely to continue.
It also called for further economic stimulus in the UK.
“We do not expect output to pass its peak [of] early 2008 until 2013,” NIESR said in a statement.
It says it interprets the term “recession” to mean a period when output is falling or receding, while “depression” is a period when output is depressed below its previous peak.
The latest official figures show that UK economy grew by 0.5% between July and September this year.
The think tank said its findings boosted calls for “the further loosening of UK monetary policy”.
In October, the Bank of England said it would inject a further ÂŁ75 billion into the economy by buying assets such as government bonds, in an attempt to boost lending by commercial banks – a process known as quantitative easing (QE).
The Bank has already pumped ÂŁ200 billion into the economy through QE.
December 15, 2011
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