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UK on Road to Recovery

17 Oct 2013


News story taken from:

UK Economic Outlook, September 2013


UK on Road to Recovery

The economy has performed more strongly in the second quarter of 2013 than we expected back in May and recent indicators point to robust growth in the third quarter.


Consequently, we have revised up our forecast for UK GDP growth to 1.2% in 2013, reflecting marked improvements in business and consumer sentiment and better credit conditions.


We expect GDP growth to strengthen to 2.3% in 2014 as the drivers of growth broaden further, with increasing support from residential and business investment.


The Bank's recently issued forward guidance should underpin the improvement in confidence by providing some confidence that interest rates will remain low for a considerable period.


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