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Worst of recession 'could be over'
The UK could be over the worst of the recession, meaning people may begin to start spending once again, new figures have suggested.
Research published by the National Institute of Economic and Social Research (Niesr) has suggested that Britain could be emerging from recession sooner than even chancellor Alistair Darling had predicted, but experts have warned there remains a long road ahead before the recovery begins in earnest.
The Niesr reported that output rose in both April and May, pointing towards market stabilisation and the potential for a shock return to neutral or even positive growth by the middle of this year.
However, Howard Archer, chief European and UK economist at HIS Global Insight, warned that there remains a long way to go before the economy returns to the strength seen in previous years.
"One thing to bear in mind is that the economy contracted so much in the fourth quarter of last year and the first quarter of this year that there was always likely to be the possibility of a 'technical bounce' after that," he explained.
The UK and much of the developed world was plunged into recession at the start of 2009, after the banking crisis that saw huge sums of money being pumped into financial institutions during the final months of 2008.