UK ‘will be fastest growing economy in west’

<p>The UK’s economic recovery is expected to speed up.</p>

The UK's economic recovery is to hit a new gear and become the fastest in the west, according to a new report by accountancy group Grant Thornton.

Its regular monitor of business confidence showed the fourth quarter of 2013 will see economic growth of 1.3 per cent.

The report, produced in conjunction with the industry body ICAEW, explained this would make the UK's economic recovery the quickest in the western world.

Michael Izza, chief executive of ICAEW, noted the economic recovery in the UK is now "well underway", adding: "If it continues at this rate, the UK economy will be one of the fastest growing economies in the western world going into 2014."

Rising signs of business confidence were highlighted in the report, mirroring an upgraded economic forecast also released today by the Confederation of British Industry.

The body's latest predictions suggest that the UK's economic growth will rise to 2.4 per cent in 2014, backing up chancellor George Osborne's recent claim that the country has turned a corner.

Find up to date information on the FTSE 100 and spread betting strategies at City Index

Build your confidence risk free
Join our live webinars for the latest analysis and trading ideas. Register now

StoneX Financial Ltd (trading as “City Index”) is an execution-only service provider. This material, whether or not it states any opinions, is for general information purposes only and it does not take into account your personal circumstances or objectives. This material has been prepared using the thoughts and opinions of the author and these may change. However, City Index does not plan to provide further updates to any material once published and it is not under any obligation to keep this material up to date. This material is short term in nature and may only relate to facts and circumstances existing at a specific time or day. Nothing in this material is (or should be considered to be) financial, investment, legal, tax or other advice and no reliance should be placed on it.

No opinion given in this material constitutes a recommendation by City Index or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person. The material has not been prepared in accordance with legal requirements designed to promote the independence of investment research. Although City Index is not specifically prevented from dealing before providing this material, City Index does not seek to take advantage of the material prior to its dissemination. This material is not intended for distribution to, or use by, any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.

For further details see our full non-independent research disclaimer and quarterly summary.