BRITAIN is expected to suffer “a lost decade” of economic woe, a new report suggesting a recovery is now not expected until after 2017.
Fresh on the heels of the Office of National Statistics report showing an unprecedented triple-dip recession was now expected, the official budget watchdog the Office of Budget Responsibility predicted it would be at least 2017 before consumers were spending again at pre-2007 levels.
Deloittes consumer tracker report also outlined the worst consumer spending since the Great Depression of the 1930s in Britain and the strong likelihood of a Japan-style lost decade a reference to the catastrophic economic collapse in that country from 2001.
“The consumer faces a long haul,” Deloittes economist Stewart said.
“It is likely to take another five years just to get back to where it was in 2007.”