2010 gets off to slow start
The UK economy is estimated finally to have emerged from recession...
...in the final quarter, it is the last of the major economies to do so. 2009 will have seen the largest decline in activity for any year since 1921. However although the improved data is welcome it does not presage a swift return to more robust levels of activity. Much of the apparent improvement is due to bad months dropping out of the data rather than signs of real strength, in fact there has been little trend improvement since the decline
inactivity reached its low point at the end of the first quarter.
Against this difficult background and with tax increases and spending cuts to come, charities should expect a year of low growth, low interest rates, with continued pressures on their finances from central sources.
Author: John Kelly
John Kelly is head of client investment at CCLA.
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