‘UK economic growth to continue’ says CBI

‘UK economic growth to continue’ says CBI

The Confederation of British Industry (CBI) has claimed that economic growth is expected in the UK throughout 2013 and onto 2014. The CBI’s claim comes from their very encouraging economic data released earlier this Month.

The CBI’s study forecasts growth of 0.3% this quarter, rising to 0.4% for the next two quarters and between 0.5% and 0.6% for each quarter of 2014.

John Cridland, CBI director-general, said the UK economy is “moving from flat to growth”.

“Although recent data suggests rising business confidence, the economic climate remains tough, hampering demand here and overseas. Meanwhile, consumers remain under pressure, as inflation continues to outstrip wage growth,” he stated.

Cridland further added that the UK Government should  “pick up the baton and deliver on promises to get finance to firms, cut red tape and help drive up exports”.

As well as economic growth, the CBI also predicts the UK to see a small rise in unemployment in 2013 to 2.58 million before receding slightly to 2.51 million in 2014.

MoneyThe CBI’s forecasts are slightly more optimistic than those of the National Institute of Economic and Social Research, which recently predicted the economy will grow by 0.9% in 2013 and 1.5% in 2014, with the growth rate only passing the 2% mark in 2015.

Nevertheless all predictions are pointing to the same positive outcome – a rise is economic growth gradually picking up going into 2014.

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