Brisk UK economic growth seen in 2014 fuelled

LONDON (Reuters) Britain economy will grow next year at the fastest pace since 2007, but economists polled by Reuters say the recovery is reliant on household spending and rising house prices.

St Paul’s Cathedral is illuminated as people walk across the Millennium Bridge during the evening rush hour Canada Goose Online in London November Canada Goose Coats On Sale 12, 2013. TREUTERS/Luke MacGregor

The strength of the UK upturn over the last six months has cheap Canada Goose been one of canada goose black friday sale the biggest economic surprises of 2013, and there was a clear consensus that the momentum canada goose clearance would carry through into next year.

Wednesday officialcanadagoosesoutlet poll showed the UK economy will grow around 2.4 percent next year, far outpacing most of its euro zone peers and its best showing since succumbing to the global financial crisis in 2008.

That compares with expected growth of 1.4 percent this buy canada goose jacket cheap year.

But while there is little doubt about Britain capacity for economic growth, there are question marks over its foundations.

Twenty buy canada goose jacket out of 28 respondents in Wednesday Reuters poll described the recovery as unbalanced and reliant on consumer spending and the housing read more here market.

Of the remainder, only two thought it was broad based, and six said Canada Goose sale there was a mix.

economic upturns are usually paced by the housing market and consumption canada goose coats on sale spending. They are only sustained if capital investment subsequently kicks in, said Stephen Lewis, chief economist at Monument Securities.

is presently far from clear this will happen in the current cycle.

Bank of England Governor Mark Carney last month said business investment canada goose coats takes time to pick up during recoveries, and that would be supported by improving credit conditions.

The latest poll matched Carney expectation that quarterly rates of growth would ease back a little, to around 0.5 0.6 Canada Goose online percent from here after the economy expanded 0.8 percent in the third quarter.

The survey also showed the canada goose deals UK unemployment rate would 2018 canada goose outlet fall canada goose clearance sale to 7.0 percent the Bank of England threshold for discussing an interest rate rise by the second quarter of 2015. That is slightly sooner than in previous polls.

Appearing before lawmakers last month, Carney canada goose replica cited a Reuters poll that showed economists do not expect the Bank to raise its main interest rate from its record low of 0.50 percent as soon canada goose outlet toronto factory as the 7 percent canadian goose jacket jobless rate is reached.

RESPONSIBLE RECOVERY In his autumn statement last week, finance minister George Osborne said he sought responsible recovery that doesn repeat the mistakes Canada Goose Parka of the past, Canada Goose Jackets this time spotting debt bubbles before they threaten financial stability.

However, memories of the last housing bubble and consumer canada goose debt splurge that led to 2008 bust are still fresh.

Reuters polls over the last few months have been clear that the government housing market stimulus risks creating a new housing bubble, and economists Canada Goose Outlet have shown skepticism about the Bank of England canada goose store ability to curb that.

Still, economists were upbeat about growth next year, whatever its source.

was always unrealistic to suppose that the UK would be able to generate the kind of broad based export led recovery which the government hoped for, said Peter Dixon, canada goose outlet store locations economist at Commerzbank.

Reporting by Andy Bruce; Polling by Ishaan Gera and Shaloo Shrivastava in Bangalore; Editing by Ross Finley and Hugh Lawson.