UK GDP To Grow by 2.9% in 2015 Says Prestigious Independent Economic Forecasting Group
The ITEM Club (the acronym derives from Independent Treasury Economic Model) is the only independent group using the Treasury's model of the UK economy. It is supported by untied sponsorship from EY - formerly known as Ernst & Young.
Commenting on their winter forecast, Liberal Democrat Chief Secretary to the Treasury Danny Alexander said:
"This EY ITEM Club Forecast confirms we are making substantial progress in delivering the stronger economy needed to secure a fairer society.
"Falling oil prices act like a giant tax cut to the economy and will further boost our already established recovery. But the full benefits will only be felt if every last penny of the oil price fall is passed on to consumers in full and quickly.
"That's why, as the Liberal Democrat Treasury Minister, I am relentlessly pressing airlines, petrol retailers, bus companies, package tour operators and a host of others to cut prices as much as possible right now.
"Consumers felt the pain when oil prices were high. It's only fair that they, and the economy, should feel the full benefit when they are falling."