Commenting on the US GDP figures for Q3 2009, David Kern, Chief Economist at the BCC, said:
“The news published, confirming that the US economy has officially exited recession is excellent news for the global economy.
“Although a sustainable US recovery is not yet guaranteed, the fact that the world’s biggest economy has returned to growth will boost global confidence and will help other economies, including the UK.”
“But one cannot help to notice the disappointing contrast between US growth in the third quarter and the further decline in GDP recorded by the UK."
“It is clearly important to end the UK recession as soon as possible. The MPC must reinforce the QE programme and act to boost bank lending. On its part the Government must remove regulatory obstacles hampering UK businesses.”