In a recently compiled report to elaborate growth on monthly basis, the National Institute of Economic and Social Research has notified a 0.5% hike in the GDP, during the three months ended in September. The report has indicated slight deviation from the previous figure of 0.4%, reported during the three months ended in August.
"The level of GDP is still 4% below its pre-recession peak, suggesting that this recovery will be the weakest of any since the end of the First World War", stated the report.
While commenting on the figures, the new shadow chief secretary to the Treasury, Rachel Reeves insisted that these economic conditions have pushed families to experience some sort of burden as the economy has not reflected any good result since last autumn. In addition, she has also raised major concerns over unemployment and expressed that it is growing at faster rate like an epidemic.
In addition, she has Rachel Reeves has pinpointed significant tax raise as well as persistent cuts in expenditure for badly crushing the enthusiasm and confidence. These two factors have strangulated the British recovery, prior to sever economic crisis.
On the other hand, Lord Oakeshott, the former Liberal Democrat Treasury Spokesman has emphasized on need of more policies to address the issue and marked manufacturing as the only tenth of our economy. Further, the expert has insisted to stimulate demand as well as bank-lending right throughout the economy.