David Harris, of InvaTrust Consultancy, joined Zak Mir and Mike Ingram on the Tip TV Finance show to show that the UK isn’t facing total doom and gloom, but there is certainly some problems in the economy including productivity a budget deficit.
Positive outlook for the UK
Harris outlined that the UK economy is heading into a slightly softer patch, but it is still heading towards the 3% growth figure for 12 months following the lower than expected 0.5% for Q3. He believed that the oil price will remain low, and so will inflation and interest rates, along with the fact that we are near full employment within the jobs market lead Harris conclude this situation is positive for the UK.
Productivity won’t increase overnight, Tax Credits a further issue
Harris noted that the tax credit was introduced in 2001 to underpin the Labour party vote. He added that the UK should be aiming for a higher minimum wage and more productivity, so that consumers get more confident and spend more money, which will enable the government to only give tax concessions to people who need them. Harris highlighted a productivity problem in the UK, and he expressed the need for more training, in-work training and apprenticeships in order to raise the level of productivity in our country to the likes of our counterparts. Yet he stressed this won’t occur overnight, and Ingram added that poor management in many areas also adds to this problem.
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