News Column

Britain on up as economy grows apace

January 28, 2014

By Hugo Duncan, Daily Mail, London

Jan. 28 --The British economy is growing at its fastest pace for more than six years as it bounces back from the Great Recession, according to a report published overnight. The CBI's new 'growth indicator' showed output increased sharply in the last three months and the outlook for the coming three months is 'buoyant'. The balance of plus 30pc the difference between the percentage of firms saying output rose minus the percentage saying it fell was the strongest since September 2007 . It fuelled hopes that official figures will today confirm that 2013 was the best year for the British economy since before the financial crisis struck. Analysts expect the Office for National Statistics to report growth of around 0.7pc in the final quarter of 2013 and around 1.9pc for the year as a whole. That would be the strongest rate of growth since 2007 when the economy grew by 3.4pc before crashing by more than 7pc in 2008 and 2009. The International Monetary Fund last week said it expects the economy to grow by 2.4pc this year as it upgraded its forecasts for the UK by more than any other major trading nation. Katja Hall , CBI chief policy director, said: 'A picture is unfolding of a real upsurge in output across much of the UK economy. Many firms in many sectors are feeling brighter about their prospects than they have for a long time, showing the recovery is gaining traction.' Data from industry body ADS Group revealed 2013 was a record year for Britain's aerospace firms, with orders for aeroplanes up by 28pc on the previous year. ADS chief executive Paul Everitt said: 'Global demand for new aircraft and engines is generating new demand and opportunity for the UK aerospace industry. 'To maintain the UK's share of this fast-growing market we must increase investment in technology, innovation and skills.' ___ (c)2014 Daily Mail (London, ) Visit the Daily Mail (London, ) at www.dailymail.co.uk/home/index.html Distributed by MCT Information Services


For more stories on investments and markets, please see HispanicBusiness' Finance Channel



Source: Daily Mail (London, England)


Story Tools