Aldermore response: OECD downgrades UK growth forecast

POSTED: 6th September 2012
IN: Business news

This morning, the Organisation for Economic Co-operation and Development forecast that the British economy would contract by 0.7 per cent this year. The prediction of the Paris-based organisation has been revised from its estimate in May of 0.5 per cent growth.

The prediction comes from the OECD's latest Interim Economic Assessment. Speaking about the report, OECD Chief Economist Pier Carlo Padoan said:

"Resolving the Euro area's banking, fiscal and competitiveness problems is still the key to recovery.

You can watch the summary of the report from Pier Carlo Padoan in the video below.

For its part, Aldermore has been supporting British businesses throughout the economic downturn. Since 2009, we have offered market-leading products to SMEs in the United Kingdom.  Aldermore's One Year Fixed Rate Business Savings account allows fee-free instant access up to 25% of the account balance, in one withdrawal during the term of the product.  This is an added benefit for SMEs, who receive a great rate whilst knowing they can access up to a quarter of the funds deposited if they need it.

Indeed, earlier this week Aldermore was ranked third in PressWatch's Best Buy categories against all savings providers in the United Kingdom.  As a whole, the Bank was also ranked ninth against all Best Buy suppliers in the United Kingdom.

"Obviously, we're delighted to be recognised for our market-leading products," said Simon Healy, Aldermore Head of Savings.

"Businesses have told us that they want to earn a great rate but are concerned that changes in economic conditions mean they may want access to their cash quickly. Our One Year Fixed Rate Account with access gives them just that."

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