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STORY: IMF / UK OUTLOOK
TRT: 2.00
SOURCE: IMF
RESTRICTIONS: NONE
LANGUAGE: ENGLISH / NATS
DATELINE: 15 JULY, 2013 WASHINGTON, DC, UNITED STATES
FILE – RECENT, LONDON, UNITED KINGDOM
1. Wide shot Thames River
2. Close-up UK flag
15 JULY, 2013 WASHINGTON, DC, UNITED STATES
3. SOUNDBITE (English) Krishna Srinivasan, Mission Chief to the UK, IMF:
“Basically in 2012, growth was at a quarter percent. That’s clearly very poor. And you see some good indicators recently. For example purchasing indicators have been looking good. Consumer confidence seems to be going up. But all said and done, the recovery’s still going to be very weak and slow. We project growth of about less than 1 percent in 2013.”
FILE – RECENT, LONDON, UNITED KINGDOM
4. Various shots, people shopping
15 JULY, 2013 WASHINGTON, DC, UNITED STATES
5. SOUNDBITE: (English) Krishna Srinivasan, Mission Chief to the UK, IMF:
“If you look at the exports of goods and services, the UK economy was relying a lot on exported financial services. Now, clearly, that’s taken a beating over the crisis. So, going forward, exports have to be diversified and the UK economy has to rely more on other kinds of exports, not just on financial services exports and that’s tied to how investment picks up in the UK economy.”
FILE – RECENT, LONDON, UNITED KINGDOM
6. Wide shot, Thames River
7. Wide shot, bank
15 JULY, 2013 WASHINGTON, DC, UNITED STATES
8. SOUNDBITE (English) Krishna Srinivasan, Mission Chief to the UK, IMF:
“If you abstract from the near term, and focus more on medium-term growth, I think it’s very important to have some kind of structural reforms which can give a boost to the economy. And what do I mean by these reforms? Improving the skills base of the UK economy so that they can export more, that’s important. Having better infrastructure, I think that’s very important both for exports and for domestic demand. The third thing is improving competition or increasing competition in the banking sector. The UK economy is an economy where there’s a lot of concentration in the banking sector, which means that a lot of investment doesn’t get the kind of support, the credit support, it should be getting. And for innovation and long-term growth it’s important that there’s greater competition in the banking sector. So these are areas where in addition to, you know, monetary and fiscal policies emphasis has to be placed for the medium term.”
FILE – RECENT, LONDON, UNITED KINGDOM
9. Various shot, financial sector
The International Monetary Fund says despite some recent good signs of an uptick in growth, the U.K. is still far from a strong sustainable recovery.
In its annual assessment of the U.K. economy, the IMF Mission Chief Krishna Srinivasan said, “Basically in 2012, growth was at a quarter percent. That’s clearly very poor. And you see some good indicators recently. For example purchasing indicators have been looking good. Consumer confidence seems to be going up. But all said and done, the recovery’s still going to be very weak and slow. We project growth of about less than 1 percent in 2013.“
The IMF confirms that for a solid recovery to take hold, the UK economy has to rely more on other kinds of exports, not just on exports of financial services.
“Well, the UK -- if you look at the exports of goods and services, the UK economy was relying a lot on exported financial services. Now, clearly, that’s taken a beating over the crisis. So, going forward, exports have to be diversified and the UK economy has to rely more on other kinds of exports, not just on financial services exports and that’s tied to how investment picks up in the UK economy,” Srinivasan said.
Srinivasan also said it was very important for the UK to have some kind of structural reforms which can give a boost to the economy, like improving the skills base of the economy, spending more money on infrastructure or creating greater competition in the banking sector.
“If you abstract from the near term, and focus more on medium-term growth, I think it’s very important to have some kind of structural reforms which can give a boost to the economy. And what do I mean by these reforms? Improving the skills base of the UK economy so that they can export more, that’s important. Having better infrastructure, I think that’s very important both for exports and for domestic demand. The third thing is improving competition or increasing competition in the banking sector. The UK economy is an economy where there’s a lot of concentration in the banking sector, which means that a lot of investment doesn’t get the kind of support, the credit support, it should be getting. And for innovation and long-term growth it’s important that there’s greater competition in the banking sector. So these are areas where in addition to, you know, monetary and fiscal policies emphasis has to be placed for the medium term,” Srinivasan said.
