With this week’s news you can see why Alistair Darling has being saying repeatedly that we’re confident but cautious that growth will return at towards the end of the year. News over recent months has been mixed, but today credit rating agency Fitch reaffirmed the Government’s AAA debt rating, adding the outlook is ‘stable’; UK retail sales were up according to the ONS 2.9% on the same month last year; Nationwide reported Thursday that house prices have risen three months in a row, reporting the ‘Three month rate of change at highest level since February 2007’ and the FTSE is back at levels last seen in January. GfK NOP’s also reported on consumer confidence today, noting; ‘Consumer Confidence remains at the same level as last month, fourteen points higher than its all time low of last year, but still very low historically’.
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Liam Byrne MP is Chair of the Parliamentary Network on the World Bank and IMF and Gwilym Gibbon Research Fellow at Nuffield College, Oxford View all posts by liambyrnemp