For Your Protection and Peace of Mind
All our loans & procedures are approved and qualified by our fully experienced compliance team to ensure they meet our high standards and comply with all current regulatory requirements
 News |
|
Search Categories |
| Archive News |
Recession 'no longer getting worse'
Borrowing figures show the UK economy is demonstrating "a pause in the economic downturn", according to Defaqto.
The latest composite lending figures (CLI) from the Organisation for Economic Co-operation and Development (OECD) detail how the economy is giving signs it is getting better.
CLI figures for March showed an increase in borrowing, but they are still considerably lower than a year ago.
An update from the OECD stated that Britain was no longer in a "strong slowdown" but a "possible trough.
Economist at Defaqto Michael Baxter said: "The various indicators over the last few weeks have suggested that the recession is no longer getting worse and if anything they might even be beginning to get better."
While upbeat, Mr Baxter warned the economy may still be hurt by the level of national and personal debt.
Further good news for the economy came last week when the latest Nationwide house price index showed house prices were up 1.2 per cent in May.