Despite the cold water that several commentators are trying to pour over the hopes that the economy is reaching the bottom the evidence of a levelling out continues to stack up with the OECD the latest to make positive noises.
The Organisation for Economic Co-operation and Development described the UK economy as experiencing a “pause in the economic slowdown” and it revised its forecast for Britain.
The OECD had been predicting that the British GDP would drop by 3.7% this year but has now shaved that by 0.3 points as a result of signs of recovery.
“France, Italy and the United Kingdom are showing tentative signs of, at least, a pause in the economic slowdown,” the OECD stated.
It added that China has also showed signs of a pause but countires that were not major economies still showed signs of deterotiation.