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| UK economy in good health, business lobby groups say | UK economy in good health, business lobby groups say |
| (about 9 hours later) | |
| The UK economy is in good health according to two major business lobby groups, the CBI and the British Chambers of Commerce (BCC). | The UK economy is in good health according to two major business lobby groups, the CBI and the British Chambers of Commerce (BCC). |
| The CBI says growth reached a record high in May, marking the best reading since it began gathering data in 2003. | The CBI says growth reached a record high in May, marking the best reading since it began gathering data in 2003. |
| Meanwhile, the BCC upgraded its growth forecast for 2014 from 2.8% to 3.1%, which, if achieved, would be the highest rate since pre-crisis 2007. | Meanwhile, the BCC upgraded its growth forecast for 2014 from 2.8% to 3.1%, which, if achieved, would be the highest rate since pre-crisis 2007. |
| That figure is well above the 2.7% forecast by the OBR. | That figure is well above the 2.7% forecast by the OBR. |
| The OBR, or Office for Budget Responsibility, is the government's independent fiscal watchdog. | The OBR, or Office for Budget Responsibility, is the government's independent fiscal watchdog. |
| Strength across the board | Strength across the board |
| Latest official figures showed that the UK economy grew by 0.8% in the first three months of 2014. | Latest official figures showed that the UK economy grew by 0.8% in the first three months of 2014. |
| The CBI's growth report suggests the UK economy has continued to perform strongly in the second quarter of this year. | The CBI's growth report suggests the UK economy has continued to perform strongly in the second quarter of this year. |
| Stronger economic performance was seen across the board, it said. | Stronger economic performance was seen across the board, it said. |
| Sectors including retail sales and professional and consumer services did well in the three months to May, while manufacturing output continued to grow at a "solid pace". | Sectors including retail sales and professional and consumer services did well in the three months to May, while manufacturing output continued to grow at a "solid pace". |
| Andrew Graham, the chief executive of wallpaper manufacturer Graham & Brown, told the BBC he was cautiously confident: "The economy is improving, but that is from a very low base. | Andrew Graham, the chief executive of wallpaper manufacturer Graham & Brown, told the BBC he was cautiously confident: "The economy is improving, but that is from a very low base. |
| "I think we are just starting to see recovery. As a business, we have starting investing seriously again over the last 12 months." | "I think we are just starting to see recovery. As a business, we have starting investing seriously again over the last 12 months." |
| UK still 'exposed' | UK still 'exposed' |
| CBI deputy director-general Katja Hall said the improvement was down to increased confidence in the UK economy, easier access to credit, and better global economic conditions. | CBI deputy director-general Katja Hall said the improvement was down to increased confidence in the UK economy, easier access to credit, and better global economic conditions. |
| However, Ms Hall said there were 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". | However, Ms Hall said there were 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". |
| She added: "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." | She added: "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." |
| The BCC also said the economic recovery was not guaranteed. | The BCC also said the economic recovery was not guaranteed. |
| John Longworth, the BCC's director general, said: "Our forecast confirms that Britain is leading, rather than following, other major economies when it comes to short-term growth, which is great news. | John Longworth, the BCC's director general, said: "Our forecast confirms that Britain is leading, rather than following, other major economies when it comes to short-term growth, which is great news. |
| "But make no mistake - we still have a lot of work to do." | "But make no mistake - we still have a lot of work to do." |
| He added that the UK was "overly reliant on consumer spending" as a driver of growth. | He added that the UK was "overly reliant on consumer spending" as a driver of growth. |