Starting a new business? Get 40% off our accountancy services for 3 months! 😀


Despite a previous prediction for growth of 0.6 percent in 2012 by Standard Chartered bank economists, they have been forced to look again at the growth forecast for next year, now expecting the UK economy to contract by 1.3 percent.

The bank has also forecast that the Eurozone will have a worse performance, contracting by 1.5 percent next year.
The UK economy was expected to grow by 0.9 percent in 2012 according to the Office for Budget Responsibility, and surveys of forecasts for the economy carried out in November by the Treasury suggest figures for growth anywhere between -0.4 percent and 2.3 percent. Standard Chartered has been forced to change its forecast, influenced by “the mounting crisis” in the Eurozone and advanced economies.

Economist of Standard Chartered, Thomas Costerg has predicted that there will be a triple threat to the European economy. This will be a crisis of confidence which will result in reduced consumer spending and lower business investment. The second threat to the economy will be banks with stricter lending criteria, and budgets being squeezed in Europe by the governments will become the third threat.

Standard Chartered believe that these shocks to the economy will plunge the UK and Europe into a recession. Predictions for the rest of the world however, are for 2.2 percent growth in 2012, and although growth in Asia will slow down it will be sufficient for a recovery of the world economy. The chief economist, Gerard Lyons said:

“It will be a recovery made in the East and felt in the West. If ever one needed to illustrate the shift in the balance of power, this is it.”

About The Author

Gary Fields

Content Writer working alongside our expert accountants to bring you the latest Tax and Accounting news.

More posts by this author
Inline Feedbacks
View all comments

Read more posts...

June 2022 Client of the Month: Manea Kella

This month we spoke to Adrian Manea, architect and director at Manea Kella, a London based RIBA Chartered architecture and interior design…

Read More

Succession Planning for Business Owners: What Comes Next?

When you own a business, it’s extremely normal to feel like you’re surviving one day to the next – ‘winging it’, as…

Read More

The Accountancy Partnership – Our Positive Reviews

Here at The Accountancy Partnership, we’re proud of our customer reviews The reviews we receive from our customers show how hard we…

Read More
Back to Blog...

Confirm Transactions

The number of monthly transactions you have entered based on your turnover seem high. A transaction is one bookkeeping entry such as a sale, purchase, payment or receipt. Are you sure this is correct?

Yes, submit my quote
No, let me change it

Please contact our sales team if you’re unsure

VAT Returns

It is unlikely you will need this service, unless you are voluntarily registered for VAT.

Are you sure this is correct?

Yes, the business is VAT registered
No, let me change it

Call us on 020 3355 4047 if you’re not sure.


You only need this service if you want us to complete the bookkeeping on your behalf.

Would you prefer to complete your own bookkeeping?


Call us on 020 3355 4047 if you’re not sure.