Some economists believe that the slump will last for a decade and that Britain had better get used to 1% growth. Not so says Titan Insurance.
One of the largest brokers in the business insurance sector is not convinced that the UK is set for ten years of sluggish growth as being forecast by some economists and financial sector experts.
The predictions come out at a time when growth for the last quarter – April to June – was a paltry 0.2% which had the only saving grace that it was not in negative territory. Two quarters of negative growth and officially it’s a recession. But Titan Business Insurance believes that although really positive growth looks unlikely for some years to come, to say that a decade of slump is to follow, is misguided.
On the contrary, Titan points to the Olympics factor which will help the UK economy achieve solid growth from 2012, helped by a general global recovery.
Chief Executive Officer of Titan Business Insurance, Basil Tsapralis, said:
“Things are tough and as we sit here now, travelling along the bottom of the cycle, it’s far too easy to make sweeping statements about future prospects. When we dropped into the recession from the crash of 2008, you can remember many economists saying then that meaningful recovery would not come until at least 2012.
“We see this as still the likely scenario and recovery will hopefully be kick-started in the post Olympics euphoria. Throughout the history the cycle usually wins out in the end and sometimes the best action is to wait out until things take their natural course.”
Titan provides insurance to all sectors of business and commerce throughout the UK, and provides high levels customer service with competitive prices.
Contact: Titan Insurance on 0207 731 3700 for any enquires.