Partly Cloudy

Partly Cloudy

max temp: 23°C

min temp: 14°C

Search

The pigs have arrived. See the latest

Pigs Gone Wild

news here.

Economy: UK output growing at its fastest rate in more than 10 years, CBI survey suggests

06:00 30 May 2014

CBI deputy director-general Katja Hall.

CBI deputy director-general Katja Hall.

Archant

The UK economy is growing at its fastest pace for more than a decade, according to new figures from the CBI.

The business group said its latest survey of growth, recorded in May, gave the strongest reading since its data began in 2003.

The poll of 726 firms found a balance of plus 35%, the difference between those reporting higher output in the last three months and those saying it was lower, up from plus 25% in April.

This suggested that the UK economy, which grew by 0.8% in the first three months of 2014 according to official data, had continued to perform strongly going into the second quarter, the CBI said.

The pace of growth was expected to remain above average, with a balance of plus 30% for expected output increase over the next three months.

The CBI highlighted strengthening indications of growth in retail sales as well as in business, professional and consumer services sectors. It said manufacturing output continued to grow at the same solid pace as the previous two months.

CBI deputy director-general Katja Hall said: “The UK economy is performing strongly thanks to rising business and consumer confidence, better credit conditions at home and improving global economic conditions.

“What’s encouraging is that growth is becoming more broad-based, with solid increases in business investment over the past year. This bodes well for the year ahead.

“But there are risks to the UK’s outlook from global developments, including the possibility that the situation in Ukraine and Russia could impact on global commodity prices.

“And with the eurozone crisis still far from being fully resolved, the UK continues to be exposed to a prolonged period of subdued activity in the region.”

Meanwhile, separate survey data from Markit showed households’ financial concerns for the coming year were topped by fears of a rising cost of living, energy bills and interest rates.

Some 17% of mortgage holders felt there would be a “very significant” impact from rising rates.

Households have also brought forward their expectations of when rates will be increased, with 23% now expecting this in the next six months, the figures showed.

Meanwhile, British Chambers of Commerce (BCC) has upgraded its growth forecast for this year from 2.8% to 3.1%, and its expectation for 2015 from 2.5% to 2.7%.

BCC director general John Longworth said: “Businesses up and down the country should be congratulated for their hard work and determination in the face of many challenges over recent years. But make no mistake, we still have a lot of work to do.

“The task at hand is to ensure that 2014 is not ‘as good as it gets’ for the UK economy. Everything possible must be done to avoid slower growth in future. We need to invest, innovate, export and build.”

1 comment

  • Yes of course 'Everything in the Garden of England is rosy' !, we all know that the Election is coming and that 'one' can make surveys say exactly what you want them to say !, the only REAL survey will be in May 2015 !, roll on !

    Report this comment

    freedomf

    Friday, May 30, 2014

The views expressed in the above comments do not necessarily reflect the views of this site

Man admits being drunk and disorderly

An Ipswich man has been fined after causing a drunken disturbance at a world music festival in Christchurch Park.

People playing Pokemon Go Picture: ANTONY KELLY

As hundreds of people across Ipswich have taken to playing Pokemon Go on their smartphones, parts of the town centre have become hubs for activity in the game.

Lizzie, Matilda and Florence Dodd enjoy the Pigs Gone Wild sticker album trail in Ipswich.

Today - and every day this summer - we are giving our readers a free packet of Pigs Gone Wild stickers to celebrate the art trail that has been set up in Ipswich.

Olympic legacy: Warm-up at the Haverhill Go Run For Fun event

At the beginning of 2012, a campaign was launched to make Suffolk the most active county in England.

At least two people have been taken to hospital following a serious collision near to Trinity Park in Ipswich.

Familes attended the first session of the Minecraft club at Ipswich library on Tuesday 26th July.
Mohil Garg enjoying the club.

Youngsters enjoying the start of the summer holidays flocked to Ipswich Library yesterday afternoon to take part in the library’s first weekly Minecraft club.

Budgens in the Turban Centre, Woodbridge which is to become a branchof the Co-op

Months of uncertainty over the future of a Suffolk supermarket are today over, after the Co-op announced it would be buying the former Budgens store in Woodbridge.

Ipswich Hospital

Ipswich Hospital has topped a postcode lottery of referrals for people suffering from suspected inflammatory arthritis, new figures have revealed.

Africa Alive is a fun day out whatever the weather

The Suffolk Coast is at its very best on a sunny summer afternoon but rain doesn’t always have to stop play.

The annual Ipswich Sky Ride weaving through the town on Sunday with all ages taking part - should we do more to encourage cycling?

Major improvements to Ipswich town centre’s cycle network could be on the horizon in a bid to make cycling safer and easier.

Most read

Most commented

HOT JOBS

Show Job Lists

Topic pages

Streetlife

Newsletter Sign Up

Great British Life

Great British Life
MyDate24 MyPhotos24