Thursday, 4 March 2010

UK's recovery is 'false dawn'

"Britain's emergence from the deepest recession since the war was a "false dawn," and paying the costs of the crisis would put the brakes on recovery, John Lewis's chairman, Charlie Mayfield, warned today. .......The upmarket retailer had a successful Christmas, and Mayfield said it would report a "strong set" of annual results next week. But he warned that growing optimism about the outlook was misplaced.....

"I think we're in a bit of a false dawn, I'm afraid to say ... Getting out of the crisis has cost an eye-watering amount of money and we simply haven't started to pay the price for that," he said. "Everyone wants to think it's going to return to how it was two years ago. It's not going to happen."

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