UK chancellor of the exchequer George Osborne will say in a speech later today (September 9th) that the country's economy is turning a corner.
The Office for National Statistics recently revealed growth of UK GDP for the second quarter was 0.7 per cent, up from its previous estimate of 0.6 per cent.
In an address to be made in London today, Mr Osborne is expected to state that there are "tentative signs of a balanced, broad based and sustainable recovery", though he will stress these are still in their early stages.
"The economic collapse was even worse than we thought. Repairing it will take even longer than we hoped," he will say in the address.
Earlier in the month, the Organisation for Economic Cooperation and Development predicted that the UK's economy could now expand by 1.5 per cent in 2013.
It previously claimed growth for the year as a whole would be just 0.8 per cent.
Find up to date information on the FTSE 100 and spread betting strategies at City Index
StoneX Financial Ltd (trading as “City Index”) is an execution-only service provider. This material, whether or not it states any opinions, is for general information purposes only and it does not take into account your personal circumstances or objectives. This material has been prepared using the thoughts and opinions of the author and these may change. However, City Index does not plan to provide further updates to any material once published and it is not under any obligation to keep this material up to date. This material is short term in nature and may only relate to facts and circumstances existing at a specific time or day. Nothing in this material is (or should be considered to be) financial, investment, legal, tax or other advice and no reliance should be placed on it.
No opinion given in this material constitutes a recommendation by City Index or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person. The material has not been prepared in accordance with legal requirements designed to promote the independence of investment research. Although City Index is not specifically prevented from dealing before providing this material, City Index does not seek to take advantage of the material prior to its dissemination. This material is not intended for distribution to, or use by, any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.