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| Version 0 | Version 1 |
|---|---|
| UK economy 'skating on thin ice' | UK economy 'skating on thin ice' |
| (about 6 hours later) | |
| An influential forecast group is worried about the risks individuals, firms and ministers are taking with amounts borrowed. | An influential forecast group is worried about the risks individuals, firms and ministers are taking with amounts borrowed. |
| Ernst & Young's Item Club spring forecast said people are "overly relaxed about risk" and are "spending as if it was going out of fashion". | |
| Club chief economic adviser Peter Spencer said: "The bottom line is that we are all living beyond our means." | Club chief economic adviser Peter Spencer said: "The bottom line is that we are all living beyond our means." |
| "Ultimately we are all skating - not to say wobbling - on thin ice," he added. | "Ultimately we are all skating - not to say wobbling - on thin ice," he added. |
| 'Sweet and sour' | 'Sweet and sour' |
| The report highlights the current deficit in the public sector and expresses surprise that it built up at a time of economic strength and buoyant tax revenues. | The report highlights the current deficit in the public sector and expresses surprise that it built up at a time of economic strength and buoyant tax revenues. |
| "If the Chancellor is forced to borrow so much when the economy's so sweet, what will happen when it turns sour?" Mr Spencer asked. | "If the Chancellor is forced to borrow so much when the economy's so sweet, what will happen when it turns sour?" Mr Spencer asked. |
| The Item club also says that the business sector is driving economic growth faster than either government or consumer spending. | The Item club also says that the business sector is driving economic growth faster than either government or consumer spending. |
| It points out that business investment at the end of last year was 13.5% higher than it had been a year before. | It points out that business investment at the end of last year was 13.5% higher than it had been a year before. |