Will the recession bring about a rebalancing of the UK economy?

摘要

The last economic cycle saw significant imbalances develop within the UK economy, with growth being driven by financial services on the output side and by debt-fuelled consumer spending on the expenditure side. The recession has already kick-started the rebalancing process, which will ensure that these trends are arrested in the short term. But there is clearly a need for a move towards more balanced growth and economic structure if a repeat of the current recession is to be avoided in the longer term.