News earlier this week has shown that the CBI (Confederation of British Industry) has increased its growth forecast for 2013 from 1% to 1.2% – double what was expected during the March 2013 budget. The growth for 2014 was also increased from 2% to 2.3% due to predicted increases in disposable income and business and housing investment. A director of the CBI said “The economy has started to gain momentum and confidence is picking up, but it’s still early days”.
The manufacturing sector recorded the fastest growth in output in two years during the three months to August, along with total orders increasing at the fastest pace during the same period. It is also expected that this will continue to increase at an even faster pace in the next three months.
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