Barclays: ‘Recession could be short’

Growth might return as early as Q4 2009, according to bank spokesman
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Speaking at the Retail Bulletin Summit 2009, corporate director for retail and wholesale at Barclays Richard Lowe said that the recession might be shorter-lived than expected, with growth returning by the end of the year.

Lowe added that he expects the pound to have a reversal of fortune and begin to appreciate from this point on, easing the pressure imports to the UK, according to the Retail Bulletin.

The Barclays spokesman added that the economic problems were down to “too much consumption over the past decade. We’ve been consuming too much and saving too little.”

Lowe sounded a note of caution over unemployment, saying it was likely to rise through to 2011.

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