Sunday, 19 September 2010
Steady As She Goes
Britain shows no signs of a double-dip recession and manufacturing is growing strongly, Business Secretary Vince Cable said on Sunday.Skip related content
"On the double dip recession, there is no sign of it," Cable told an event at his Liberal Democratparty's conference in Liverpool.
"In fact, the private sector is growing quite strongly in certain areas, particularly manufacturing," Cable added.
"Certainly we are not heading for a double-dip recession. It's an outside risk. I can't promise that it won't happen, but it certainly looks improbable," he said.
Slowing growth in Britain's services sector have prompted concerns the economy may go into reverse only months after emerging from the worst recession in generations following the global financial crisis.
British service sector activity grew last month at its slowest pace since April 2009, with a marked fall in hiring as employers worried about an economic slowdown and public spending cuts, according to the latest Markit/CIPS services purchasing managers' index.
(Reporting by Tim Castle, editing by Maureen Bavdek)