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May 13, 2010    

Economy improving, Santander claims

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by David Masters
Economy improving, Santander claims

Britain’s economy is on the road to recovery, Santander has claimed.

Barry Naisbitt, chief economist at Santander UK, pointed out that economic growth during the fourth quarter of 2009 has been revised from 0.1% to 0.4%.

He added that the economy has continued growing during 2010.

“Some recent indicators, particularly survey indicators of output, are showing a more positive picture of economic activity,” Naisbitt said.

“GDP growth in the final quarter of last year has been revised up from just 0.1% initially to a healthier 0.4%, with the economy continuing to grow in the first quarter.”

As such, Naisbitt expects interest rates to begin rising soon.

Naisbitt made the comments after the Bank of England’s Monetary Policy Committee held the base rate at 0.5%.

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