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CBI figures show UK economic growth has 'cranked up several gears' | |
(35 minutes later) | |
The UK's economy is growing at its fastest pace for a year, according to the Confederation of British Industry. | The UK's economy is growing at its fastest pace for a year, according to the Confederation of British Industry. |
The figures from the CBI, the business lobbying group, will ease concerns over a slowdown in the first quarter of 2015. | The figures from the CBI, the business lobbying group, will ease concerns over a slowdown in the first quarter of 2015. |
Rain Newton-Smith, the CBI's director of economics, said: "As we move through the second quarter, growth has cranked up several gears and businesses expect that faster pace to continue." | Rain Newton-Smith, the CBI's director of economics, said: "As we move through the second quarter, growth has cranked up several gears and businesses expect that faster pace to continue." |
He said the figures supported the CBI's belief that "weaker-than-expected" growth at the start of the year would be short-lived. | He said the figures supported the CBI's belief that "weaker-than-expected" growth at the start of the year would be short-lived. |
Official figures released in April had showed that growth slowed down to 0.3% in the first quarter of 2015, the worst performance since the end of 2012. | Official figures released in April had showed that growth slowed down to 0.3% in the first quarter of 2015, the worst performance since the end of 2012. |
The CBI's figures derived from surveys of more than 800 companies. | The CBI's figures derived from surveys of more than 800 companies. |
The figures show that growth has quickened in all main sectors of the economy, including manufacturing and retail. | The figures show that growth has quickened in all main sectors of the economy, including manufacturing and retail. |
They showed a "stand-out" performance for business and professional services, which includes accountancy, legal and marketing firms. | They showed a "stand-out" performance for business and professional services, which includes accountancy, legal and marketing firms. |
The latter sector recorded its fastest growth in business volumes since February 2006 and was the main driver of the overall acceleration, the survey found. | The latter sector recorded its fastest growth in business volumes since February 2006 and was the main driver of the overall acceleration, the survey found. |
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