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Daily Telegraph: "Why Britain is in the wrong type of recovery"

Link to web site

"... Britain is still very much a 'cappuccino economy', reliant on hotels, restaurants, bankers and insurers to drive output.

"Surely any growth is good growth?"

"Yes and no. While growing household confidence is positive, the risks from a classic British consumer-led recovery is that improvements to Government finances will be driven by rises in household indebtedness. This is neither sustainable nor sensible.

"... This pattern can't continue indefinitely. If wages don't rise, people will either stop spending, or take on more credit that they might not be able to afford. Britain must find other sources of growth."

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