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UK economy undergoing ‘Major’ recovery

Category: Scottish Economy — Paul Morgan on September 19, 2012

Ex-Prime Minister John Major has suggested that the UK economy could already be in recovery, with the lowest point of the downturn likely to have passed.

Speaking to Andrew Marr on BBC One, Major said:

“Recovery begins from the darkest moment. I’m not certain, but I think we have passed the darkest moment.”

The former Chancellor of the Exchequer suggested that improvements in the value of the stock market, and rising employment, were indications of a steady recovery.

He went on to say:

“There are some oddities in the figures at the moment: Why in the depths of this recession is employment growing? Why is industrial production going up? Why has the stock market risen?

“There are things happening out there that will become apparent and we don’t quite know why or how. My guess is that in due course we will find that we passed the bottom.”

Many Scottish companies may agree with his statement, though some sectors such as retail and construction are still in the midst of a challenging environment.

Seeking commercial finance in Scotland is becoming easier though. Furthermore, in Glasgow and Edinburgh, invoice discounting and factoring companies are helping increasing numbers of firms move forward.

The ex-PM, who was responsible for preventing the UK joining the Euro, also went on to say the present eurozone problems will result in a two-tier Europe. This, he added, will allow Britain to re-evaluate its position in the European Union with a referendum being forced.

However, Major warned that a decade long process is in the making.

'Disclaimer: The information contained in these articles is of a general nature and no assurance of accuracy can be given. It is not a substitute for specific professional advice in your own circumstances. No action should be taken without consulting the detailed legislation or seeking professional advice. Therefore no responsibility for loss occasioned by any person acting or refraining from action as a consequence of the material can be accepted by the authors or the firm.

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