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UK Economy set for its Fastest Growth in 6 Years, CBI Predicts

05 Nov 2013

The UK economy is on course for its strongest growth since 2007 next year despite a growth blip at the end of the year, the CBI have said.

 

The business group has upgraded its forecasts for next year to 2.4 per cent - better than the 2.3 per cent pencilled in three months ago - anticipating a "soild and better rooted" recovery. If the CBI's forecasts prove correct it would mark the quickest annual growth since the 3.4 per cent gain the year before recession struck.

 

Growth is expected to soften in the current quarter, down to 0.5 per cent from the 0.8 per cent registered between July and September. But returning growth in the eurozone, as well as rising business and housing investment and recovering disposable income as inflation recedes should support growth next year, it added.

 

CBI director-general John Cridland said: "The UK is now set fair for growth with confidence returning to Britain's entrepreneurs. The recovery that started in the service sector has fanned out to manufacturing and construction, and is shaping up to be more broad-based. The recovery won't be spectacular, just slow and steady, but appears more solid and better-rooted."


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