ANALYST VIEWS: HOW VITAL IS CONSUMER SPENDING TO THE RECOVERY?

HOWARD ARCHER | IHS GLOBAL INSIGHT
"Consumer spending is 65 per cent of the economy – it’s such an important part of the economy that if the consumer doesn’t spend it’s hard to see the economy gaining momentum. Everyone would love exports to take up the growth mantel but I think it’s wishful thinking."

MICHAEL SAUNDERS | CITIGROUP
"The recovery is not going to be consumer-driven. It’s the wrong place to look for signs of growth. The difference will be in exports and investment. Consumers are just not going to be the key factor that will support the economy and investment is the least visible sign of recovery."

ALAN CLARKE | BNP PARIBAS
"The fact that consumer spending accounts for two thirds of GDP means that whatever happens to consumer will set the tone for the overall pace of the recovery. But I don’t think we can rely on the consumer to keep the recovery going. The engine of recovery will be investment and external demand."