– Ian Stewart, Chief Economist at Deloitte
For the wider economy the worst is probably past. The independent Office of Budget Responsibility and most other forecasters expect the economy to grow modestly next year.
However, for now, at least, this looks like a choppy, fragile recovery.
The credit rating agency Fitch has warned that the Chancellor's confession during the Autumn Statement that he missed its debt target could threaten the UK's AAA rating. But George Osborne has downplayed the impact potential if that happened.