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| Version 1 | Version 2 |
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| Economic growth 'up several gears' - says CBI | Economic growth 'up several gears' - says CBI |
| (about 3 hours later) | |
| The speed at which the British economy is growing is increasing, the Confederation of British Industry says. | The speed at which the British economy is growing is increasing, the Confederation of British Industry says. |
| Research by the CBI suggests business activity increased markedly in the three months to May. | Research by the CBI suggests business activity increased markedly in the three months to May. |
| Rain Newton-Smith, the CBI's director of economics, said growth had "cranked up several gears". | Rain Newton-Smith, the CBI's director of economics, said growth had "cranked up several gears". |
| In April official figures revealed the UK economy grew by 0.3% in the first three months of 2015, which marked the slowest quarterly growth for two years. | In April official figures revealed the UK economy grew by 0.3% in the first three months of 2015, which marked the slowest quarterly growth for two years. |
| BBC business correspondent Joe Lynam said those April figures stoked fears that the country might be set for a slowdown. | BBC business correspondent Joe Lynam said those April figures stoked fears that the country might be set for a slowdown. |
| 'Stellar increase' | 'Stellar increase' |
| But now the CBI is suggesting that all sectors of the economy are growing. | But now the CBI is suggesting that all sectors of the economy are growing. |
| Its latest survey of more than 800 companies suggests the services sector - which ranges from restaurants and plumbing to banking and finance - stood out in particular. | Its latest survey of more than 800 companies suggests the services sector - which ranges from restaurants and plumbing to banking and finance - stood out in particular. |
| This sector recorded its fastest growth in business volumes since February 2006 and was the main driver of the overall acceleration, the survey concluded. | This sector recorded its fastest growth in business volumes since February 2006 and was the main driver of the overall acceleration, the survey concluded. |
| The CBI said growth could be boosted further as things improve economically in the Eurozone, which is the UK's largest trading partner. | The CBI said growth could be boosted further as things improve economically in the Eurozone, which is the UK's largest trading partner. |
| Ms Newton-Smith added: "As we move through the second quarter, growth has cranked up several gears and businesses expect that faster pace to continue. | |
| "This supports our belief that the weaker-than-expected GDP growth in the early months of 2015 will be short-lived. | "This supports our belief that the weaker-than-expected GDP growth in the early months of 2015 will be short-lived. |
| "A stellar increase in activity in the business and professional service sector and retail sales bounding ahead are clear indications of strong business and consumer confidence and increased spending power. | "A stellar increase in activity in the business and professional service sector and retail sales bounding ahead are clear indications of strong business and consumer confidence and increased spending power. |
| "UK exports are likely to be helped by renewed momentum in the euro area but the stronger pound and weak demand in many overseas markets continue to pose challenges." | "UK exports are likely to be helped by renewed momentum in the euro area but the stronger pound and weak demand in many overseas markets continue to pose challenges." |
| Earlier in the month the CBI urged businesses to "speak out early" in favour of remaining in a reformed European Union. | Earlier in the month the CBI urged businesses to "speak out early" in favour of remaining in a reformed European Union. |
| Its president Sir Mike Rake said there were "no credible alternatives" to EU membership. | Its president Sir Mike Rake said there were "no credible alternatives" to EU membership. |