With the IMF recently predicting growth in the UK, a new report released adds to the belief the country’s economy is starting to shows signs of real revival.
The Confederation of Business Industry’s (CBI) indicator says that private sector businesses are seeing their best rates of output since the Autumn of 2007. This means they are seeing their strongest levels of growth since the financial crisis began.
Katja Hall, the chief policy director of CBI, said, “Many firms in many sectors are feeling brighter about their prospects than they have for a long time, showing recovery is gaining traction.” This tallies with research released at Davos by PricewaterhouseCoopers that UK bosses are some of the most confident in the world.
CBI’s report comes prior to the expected Government announcement that GDP for the UK showed its strongest growth since 2007 over the last year. It also looks like it will be confirmed that 2013 was the first year to see continuous expansion for its entirety, again since 2007.
Business Secretary Vince Cable was positive, but cautious. This new data presents the country with the “end of the beginning rather than the beginning of the end”, he said.
The data is expected to show that 2013’s third quarter saw growth of 0.8%. For the final quarter a similar number is expected, although there are concerns it may shows signs of slowed growth and be slightly lower.
Cable also said that he did not believe the recovery was balanced even if it was taking place. House prices are a concern as he believes they could endanger stability in the future.