This is according to a survey by the Chartered Institute for Securities & Investment. The remaining participants in the survey responded with 39% believing the economy was unchanged while 35% were less optimistic.
One contributor said: “The unnecessary and crippling cost cutting by the Government has killed growth and put us back into recession. It must be curtailed before it carries us too far down the road that Ireland and Spain trod.”
Another added: “The UK will have limited GDP growth over the next three to five years. I cannot see where the recovery will come from. The manufacturing sector has had decades of under investment so can we really expect it to lead a UK recovery?”
But a more upbeat view was: “The Government is dealing with the deficit and creating an environment that supports job creation.”
The latest comment was: “The consumer will come under pressure from inflation. There are some encouraging signs that job creation in the private sector is beginning to get traction and hopefully this will help to soften the drag effects of central government expenditure.
“Although the effects of commodity prices and the impact of the Japanese earthquake are pushing down on growth, it will be crucial for ongoing confidence to see some evidence that these effects are reversing in H2.”
