The British Business Secretary Vince Cable says the UK economy is currently “in a very deep crisis”.
Cable told the state-run BBC that it is “very difficult” to predict when the UK economy would recover from the recession and resume growth.
Meanwhile, the Markit/Cips purchasing managers’ index (PMI) for services found that growth in the sector had slowed during the previous month.
The findings also suggested that Britain’s economy had barely shown signs of growth between July and September, contrary to expectations that the 2012 London Olympic Games will boost the country’s economy.
This comes as Britain officially plunged into a double-dip recession earlier this year. The coalition government is also sticking to its spending cuts, which has contributed to slow growth and has created further job losses.
Speaking at the launch of an initiative to support fast-growing small trades, Cable said, “We are in a very deep crisis, quite unlike any we have experienced before because it’s centered on the collapse of the banking system. We are overcoming problems with a massive government deficit, difficult broken banks, levels of personal indebtedness. Projecting and predicting how we get out of this crisis is very difficult indeed.”
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