Titan Business Insurance says lets be grateful for even the small growth in the economy, as one thing we don’t want is for a recession to return.
The UK economy did grow by 0.2% in the months from April to June, 2011, the Office for National Statistics has confirmed and this news has been welcomed by one of the UK’s largest business insurance brokers.
Titan Business Insurance, which represents companies up and down the country, also welcomes the news that although 0.2% growth was a reduction on the previous quarter’s 0.5% growth, many economists are saying that the current quarter, should show some improvement.
The figure for the second quarter reflects pressures caused by events such as the extra Bank Holiday to celebrate the Royal Wedding. Indeed, without such factors, growth might have reached 0.7%.
And although industrial output fell by 1.6% in the period under review, the services sector rose by 0.5%.
Chief Executive Officer of Titan Business Insurance, Basil Tsapralis, said:
“Okay, it’s a bit like clutching at straws at the moment, but it’s important to keep the economy expanding, even at small amounts. This means that recession can be avoided and that’s pivotal to future prospects. Two quarters of negative growth equals recession and we need to avoid that if possible. Sentiment across the business sector is extremely fragile at the moment and we need to focus on the good news.
“There are many worrying factors, but also a little light at the end of the tunnel and hope that even though future growth will slow, we might get some much needed stability.”
Titan Business Insurance is a specialist provider of policies and offers high customer service and competitive prices. It operates throughout the UK and has a varied portfolio of clients covering all sectors.
Contact: Titan Insurance on 0207 731 3700 for any enquires.