Andrew Goodwin, senior economic advisor to the Ernst & Young ITEM Club, said there is a 20 per cent chance at most that the British economy will be hit with another recessionary period in the near future.
'Though some of the business surveys have slipped a little over the past month or so, they remain firmly in expansionary territory,' he commented.
The expert added that it would take a significant 'external shock' to cause the economy to fall back into recession, upon which the Bank of England would most likely expand its programme of quantitative easing.
However, Mr Goodwin claimed that the economy will probably not continue to benefit from the one per cent growth rate that it experienced in the second quarter of 2010.
Mr Goodwin's views contrast with those of Policy Exchange chief economist Andrew Lilico, who recently claimed that a double dip recession is likely and suggested this makes public spending cuts more important.
'Though some of the business surveys have slipped a little over the past month or so, they remain firmly in expansionary territory,' he commented.
The expert added that it would take a significant 'external shock' to cause the economy to fall back into recession, upon which the Bank of England would most likely expand its programme of quantitative easing.
However, Mr Goodwin claimed that the economy will probably not continue to benefit from the one per cent growth rate that it experienced in the second quarter of 2010.
Mr Goodwin's views contrast with those of Policy Exchange chief economist Andrew Lilico, who recently claimed that a double dip recession is likely and suggested this makes public spending cuts more important.
