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Economy still weak due to recession
07/09/2011
This week, chancellor, George Osborne has admitted that the economy is still weaker than it was and that short term aspirations for the economy have had to be revised down slightly. In a speech Osborne gave last week at a Lloyd’s of London dinner he talked about the fact that we have been warned that the recovery would have its ups and downs and that we should have expected growth to be like this.
Official figures were released last week which stated that the economy grew by a meagre 0.2% in the months leading up to June. Other figures regarding retail spending, construction and output have also all been weak.
But, not everyone shares Osborne’s views on the growth of the economy. The shadow chancellor, Ed Balls has suggested that George Osborne is in denial about the economy and that he now needs to accept and realise the growth crisis that the UK are currently in.
Officials believe that in the whole of 2011 the economy may only grow by just 1% and it will continue to grow at this sluggish pace during 2012. So, with the economy so weak and companies struggling to stay afloat, getting those extra funds together can be difficult.
This is where homeowners aged 55 and over can benefit from equity release from their home to free up some funds for that holiday they have their eye on, refurbishing their kitchen or bathroom or simply that new car they have been meaning to get.
If you would like some advice on equity release plans such as the interest only mortgages and see how equity release can help you out when times are slightly tougher contact the right equity release
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