Member Article

CBI upgrades GDP forecast to 3% this year

Business lobbying group the CBI has upgraded its forecast of UK GDP growth from 2.6% to 3% in 2014.

The organisation also warned that political movement in the run up to the next general election could risk destabilising investment.

The economy grew by 0.8% in the first quarter of 2014 and quarter-on-quarter GDP growth of 0.7% is expected for the rest of this year and next.

John Cridland, CBI director-general, said: “The UK now has more stable economic foundations, and political risks must not jeopardise this.

“The recovery is advancing after a strong performance in the first quarter of 2014. Prospects are bright and we expect the recovery to broaden out this year, with greater support from business investment in particular.

“Businesses recognise the realities of election time but want all parties to ensure their policies make a positive difference. Politicians must be wary of the risk of headline-grabbing policies that weaken investment, opportunity and jobs.”

This was posted in Bdaily's Members' News section by Tom Keighley .