Avoiding technical recession little comfort as UK economy approaches half a decade of stagnation
Authors: Charles Levy
25 April 2013
Commenting on today’s GDP figures, Charles Levy, senior economist at the Big Innovation Centre, said:
“The UK has avoided a technical triple dip recession, however our economy remains in stasis. Half a decade since the onset of the recession, the picture remains one of stagnation, with the UK struggling to find new sources of growth.
“The government must respond to this persistent poor performance with increased public investment in projects which can start quickly and kick-start growth. To sustain any recovery we also need to speed up progress on tackling the structural issues that are holding back innovation and growth. This means pushing on with a bold and ambitious reform of our financial system, increased investment in science and research facilities, and a real focus on unlocking the markets created by new technologies such as big data, nanotechnologies and advances in genomics.”
Notes to editors
- Charles Levy and Ian Brinkley are available for interviews, briefings and written comment.
- The Big Innovation Centre is an initiative of The Work Foundation and Lancaster University. The Work Foundation is the leading independent authority on work and its future. It aims to improve the quality of working life and the effectiveness of organisations by equipping leaders, policymakers and opinion-formers with evidence, advice, new thinking and networks.
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