PA Portfolio: What could stymie the UK recovery?

Jeremy Lawson, Senior international economist, SLI The key question for the UK is more about the pace of recovery that we can expect. The business sentiment indicators have been strong in recent months, which is prompting people to be optimistic; however, I think what we are seeing in the hard data should lead us to be more cautious. At the moment, a lot of the growth is predicated on the household sector (i.e. auto sales and house prices starting to increase) but business investment has not come to the party yet; counterpart to that is persistently weak credit growth. Manufacturing...