CBI predicts Britain’s economy will see faster-than-expected growth this year
The IndependentSign up for the View from Westminster email for expert analysis straight to your inbox Get our free View from Westminster email Get our free View from Westminster email SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Britain’s economy will see faster-than-expected growth this year and next as the outlook brightens after a tough 2023, according to the CBI. “Robust growth over the first quarter completely reversed the decline in gross domestic product seen over the second half of last year, and business surveys report that underlying economic momentum has been improving into the second quarter.” The report also follows hot on the heels of an upgrade this week from fellow business group, the British Chambers of Commerce, which is now predicting growth of 0.8% in 2024 and 1% in 2025. open image in gallery The CBI said the main driver of the improving picture is consumer spending, The CBI said the main driver of the improving picture is consumer spending, which it expects to rise by 0.8% this year, rising to 2.5% next year, as inflation is set to drop back to the Bank’s 2% target in the second quarter. “Nevertheless, households will feel the pinch this year from the cumulative increase in the level of prices over the last three years, in addition to still relatively higher lending rates,” the CBI cautioned. Martin Sartorius, principal economist at the CBI, said: “While our forecast for stronger GDP growth means that the public finances outlook has improved, the next government will still face a difficult fiscal inheritance.
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