CBI: UK economy moving towards growth

<p>The UK’s economy is moving towards growth, says the CBI.</p>

The Confederation of British Industry (CBI) has stated that the economy in the UK is moving towards growth after a long period of being flat.

Official data released earlier in the year showed the UK missed a triple-dip recession by recording 0.3 per cent growth of the economy in the first quarter of the year.

The outlook for the rest of 2013 is even brighter according to analysis conducted by the CBI, which has stated it is forecasting growth of 0.3 per cent in the second quarter, followed by 0.4 per cent expansion in the third and 0.4 per cent in the final three months of the year.

It is claimed that growth could rise to as much as two per cent over the course of 2014.

Director-general of the CBI John Cridland 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."

Last week, the Bank of England held interest rates at 0.5 per cent for another month.

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