It's not just the weather that's grey and gloom in Britiain, where the econom shrank 0.3 percent in the final quarter of 2012, a year in which it recorded zero growth. AFP PHOTO/ANDREW COWIE Source: AFP
BRITAIN is expected to suffer "a lost decade" of economic woe, a new report suggesting a recovery is now not expected until after 2017.
Fresh on the heels of the Office of National Statistics report showing an unprecedented triple-dip recession was now expected, the official budget watchdog the Office of Budget Responsibility predicted it would be at least 2017 before consumers were spending again at pre-2007 levels.
Deloittes consumer tracker report also outlined the worst consumer spending since the Great Depression of the 1930s in Britain and the strong likelihood of a Japan-style lost decade a reference to the catastrophic economic collapse in that country from 2001.
"The consumer faces a long haul," Deloittes economist Stewart said.
"It is likely to take another five years just to get back to where it was in 2007."
Consumer polls in Britain have recently pointed to households pulling back on spending from going out and buying clothes, to upgrading household goods and services.
Its all bad news in the UK at the moment with the economy with other reports out this week showing a record high in the number of listed UK firms issuing profit warnings in the 2012 year, with 86 companies issuing warnings in the last three quarters bringing the total to 287 since the start of the credit crunch in 2008.
The level of redundnacies is also up, another report out today showing UK firms shelling out more than AUD$7 billion in redundancy payouts in the last financial year.
Last Friday the official GDP figures showing a 0.3 per cent drop; the drop came as a surprise to many with economist expected to announce an end to the recession with an expected rise in the GDP and instead it went backwards with many now saying a triple dip recession was expected.
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