Copyright Mike Paice

Worrying but unsurprising that GDP in the UK is trailing
that of the majority of its European partners. We have, in many respects, a tougher job to do from a less diverse economic base than those of the EU growth leaders. The full impact of spending cuts, tax-hikes, middle-east tensions and Eurozone bailouts are far from home to roost – so consumer confidence isn’t going to improve any time soon. And yet consumer spending is vital for economic growth. My household is on an austerity budget – cutting debt and waste and scrimping across every budget of which we have control. Clearly, we are not alone and most households across the country are far from loosening their belts. I don’t really want to restart the whole “does the Government have a plan B” debate but I believe that further decisions will have to be made over the next three months, as another dip seems increasingly likely.