Denmark economy on the up as Britain is still in recession

Gordon Brown and Alistair Darling believed would be ‘well placed’ to ride out the recession, however Britain remains the only G20 economy to fail to expand between July and September.

On Tuesday Denmark became the latest economy to leave us trailing in its wake as they came out of recession in the third quarter. Yet it ought to come as no surprise. Over the past 10 years Britain became reliant on financial services activity, property speculation and consumer spending to fuel its £1.3trillion economy.

So it seems that while export-dependent countries like Denmark are growing by a growth rebound around the world, Britain is being held back ‘the big hangover from the credit boom. The Bank of England surely can’t keep rates at 0.5 per cent forever, and the Treasury will have to start hiking taxes and slashing public spending to address its £178bn deficit.

ING economist James Knightley said ‘I think its going to be a very slow, drawn-out recovery.’ To read more on this story go to dailymail.co.uk.