A new opinion poll shows despite claims that Britain’s economy is recovering, the vast majority of Britons are not feeling it.
The survey of more than 4,000 British adult samples, commissioned by financial services firm KPMG and housing charity Shelter, found that only one in 10 people feels the benefits of the economic recovery. In addition, nearly half of those questioned said wages would need to rise before a recovery felt real. Sixty-nine percent of the respondents said any recovery "won't feel real" until it gets easier for young people to own a home. Only 8 percent said prospects for home ownership for young people have improved, despite government-backed initiatives like Help to Buy to help people buy a home. Three in four people said young people's prospects of home ownership have exacerbated over the past few years. Britain’s third quarter gross domestic product (GDP) grew by 0.8 percent from the second quarter, according to official data from the Office for National Statistics released on October 25. The figure marked an increase in economic growth from the April-June period, when it stood at 0.7 percent. Economic growth in Britain remains 2.5 percent below the peak seen in the first quarter of 2008, before the economic crisis began. "There is still a long way to go," KPMG's chief economist Andrew Smith said. "There is little evidence - to date - of the desired economic rebalancing away from debt fueled consumption towards investment and export led growth," he said in a note. "That said -- given the disappointments of the past few years -- expansion of any type should be welcomed. And, more encouragingly, the data so far this year indicates the recovery has been pretty broad based with construction, manufacturing and services all contributing," he noted.