EY ITEM Club report suggests GDP will grow by 2.9% in 2015

January 19, 2015 12:01 AM
Originally published by UK Liberal Democrats

Liberal Democrat Treasury minister Danny Alexander has today (Monday 19 January) welcomed the EY ITEM Club report which forecasts encouraging signs of economic growth.

The report forecasts that in 2015, GDP will grow by 2.9 per cent.

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Commenting on the EY ITEM Club 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."