UK Chancellor Confident in Economic Recovery

December 6, 2013 Share Print 0

George Osborne has hit back at fears the UK’s economic recovery is based solely on a boom in consumer spending.

The chancellor said exports and investment were also picking up – but there was still work to be done to create a more “balanced” economy.

He delivered an upbeat Autumn Statement on Thursday, claiming critics of his austerity plan had been proved wrong.

But Labour accused him of complacency amid claims from a leading think tank that Britain is still in a “big hole”.

In its verdict on Mr Osborne’s plan to get Britain back in the black by 2018, the Institute for Fiscal Studies (IFS) said higher growth forecasts “hide some more disappointing news for the chancellor”.

And some of Mr Osborne’s spending promises, such as free school meals, are unfunded after 2015, it added.

via BBC

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Alfonso Esparza

Senior Currency Analyst at Market Pulse

Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.