The next quarter is full of economic promise, according to a report released by the Confederation of British Industry (CBI).
The CBI’s latest growth indicator said output rose and the UK’s economic recovery is under way.
Manufacturing output stayed solid, while there was continuing growth in the retail and service sectors, said the CBI.
“The outlook for the next three months is exceptionally strong and broad based, with growth expectations the strongest since the data began in 2003,” said the CBI.
Katja Hall, the CBI policy director, said that even though “consumer” spending formed most of GDP growth in 2013, “there are firm indications of growth becoming more broad based. It’s good see that business investment has consistently contributed to quarterly growth since 2013”.
Productivity and earning will recover this year, while general growth is fuelled by rising business and consumer confidence as well as “supportive monetary conditions”, said Hall.
