‘Britain’s economic recovery in decline’

A new report indicates the UK’s economic recovery lost steam by the turn of 2014 amid a slumping growth.

Recent reports have pointed to a slowdown at the end of 2014 for both industry and construction while consumer spending appears to have held up, the Guardian reported.

Analysts see little chance of that pattern changing in coming months as continued troubles among the UK’s key trading partner, the eurozone, and a slowdown in China weigh on exports. But manufacturing should get some support from lower oil prices.

Meanwhile, growth is forecast to have slowed to 0.6% in the fourth quarter, from 0.7% in the third.

The report also found that people continue to worry about job security.

Now London-based economic commentator Shabbir Razvi says the government austerity measures have played a significant part in people’s diminishing purchasing powers.

“What I think is really a burden for the British economy and most of the European nations is this so-called austerity mantra. The theory of austerity is like some kind of black magic what I would call. It’s an idea that if you bleed a person long enough like they used to do in the Middle Ages, then they will feel or get better, but the patient really in UK is living to death, and if the Tories come back to power with the expecting on the back of improved figures of the economy, then we will have another 5 years of rough time for the all the people in the UK,” Razvi told Press TV’s UK Desk on Monday.

He also said the country needs more jobs and that the government claim of job creation falls way below the needed quota as “facts and figures show that the employment that has been created is at the lowest end of the spectrum.”

HRK/GHN

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