CBI UK recovery gathers pace
The UK’s economic recovery is starting to gather pace.
The economic recovery in the UK will speed up in the next two years, according to a new report by the Confederation of British Industry (CBI).
It raised its growth forecasts to 1.4 per cent for 2013 – up from 1.2 per cent in its August prediction – and 2.4 per cent expansion of the economy next year.
The CBI also announced it is forecasting 2.6 per cent economic growth for the UK in 2015, which the body noted increases in business income will contribute to.
Director-general of the CBI John Cridland stated that the UK is now set for "fair" growth" after coming through the recession.
He said: "The recovery that started in the service sector has fanned out to manufacturing and construction, and is shaping up to be more broad-based."
Mr Cridland added the recovery is not going to be "spectacular", but will be "slow and steady".
The changes to the CBI's growth forecast comes shortly after the International Monetary Fund confirmed it now expects the UK's growth for the year to be 1.4 per cent.
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