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British economic recovery has started showing signs of rebound - John Major

Sunday, 16 September 2012
The British economy is beginning to turn around as unemployment starts to drop and stock market starts regaining some past losses. This is the view of former British conservative Prime Minister, John Major.

He posit that Britain is through the worst of the economic storm, and added that data showed the UK's recovery has begun, with employment and the stock market rising.

He reacted to the calls for the challenge of the leadership of David Cameron to be waved to the rear and instead that Conservative MPs should rally behind David Cameron.

According to the associated Press, while speaking on the 20th anniversary of Black Wednesday, which marked Britain's dramatic exit from the exchange rate mechanism, Sir John said the UK's economic recovery was under way, despite gloom surrounding the eurozone crisis.

He likened today's UK economy to the early 1990s when Chancellor Norman Lamont was widely mocked for claiming he could see the "green shoots of economic spring".
The ex-Prime Minister said: "Norman Lamont was taken to pieces by commentators for suggesting there were green shoots, but in retrospect we can see that Norman was right, write the associated press.

Despite data showing that the British GDP has been suppressed which means British is officially in recession, there is also data which show that there is growing employment and that unemployment is falling. Other point to the fact that British productivity is rising and exports growing but domestic consumption is low and the government has been propping up earning through working tax benefits.
By Scancomark. com Team