No recovery in 2013

The tax system isn't working

By Pier Carlo Padoan   204

Britain’s economy was again a disappointment last year, in an environment marked by a deepening eurozone crisis. Will 2013 bring the long-awaited recovery? It is hard to foresee a strong rebound, as demand both at home and abroad will probably remain weak.

The consensus among economists is that national output will grow by around 1 per cent. Yet there are some positive signs in the labour market. Combined with close fiscal oversight from organisations including the Office for Budget Responsibility and continuing reform of policies such as welfare and land-use planning, these raise hopes that a robust economy will eventually…

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