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UK growth lagging behind

According to reports in the Telegraph, UK growth is lagging behind all of the other leading world economies apart from Japan.

This news will put new pressure on the Chancellor, who is already facing calls to reconsider his own economic strategy from both Labour and his own party, who are calling for more stimuli.

The Shadow Chief Secretary to the Treasury Angela Eagle MP believes that the Chancellor’s decisions have made Britain vulnerable to the current economic climate.

The recent slump in global growth has reinforced fears that we could be heading for a double dip recession, with both Bank of America and JP Morgan warning tat there was a 20 percent chance the US would slump again.

Growth in the 34 members of the OECD has slowed in the last four successive quarters, with UK growth slipping from 2.4 percent in Q1 to 1.6 percent in Q2. It is now hoped that the US Federal Reserve will announce a third round of quantitative easing on Friday.

This was posted in Bdaily's Members' News section by Ruth Mitchell .