According to the economists working for the National Institute of Economic and Social Research (NIESR), the British economy will grow by 0.7% in 2013, which is below 1.1% given in the previous forecast. 2014 is expected to bring a 1.5% increase.
The UK economic decline in Q4 2012 confirms the supposition that the UK’s post-crisis recovery is going on at the slowest pace in 100 years. Experts assume that the recovery won’t accelerate till 2015.
The NIESR reports that Great Britain will keep increasing the public debt, which will reach the absolute high in the 2016-2017 fiscal year, thereby reaching 85% of GDP.
Forex.
The chart below, courtesy of , reflects the current state of affairs in the market of GBPUSD.
A further downswing (below 1.5629) will bring the price closer to 1.5570, 1.5534/22. The current bearish move will be completed as soon as the price overcomes the top of the MF sloping channel and consolidates above 1.5784 (as shown below).
