Slowest Growth for UK Economy Since 2013, Says CBI

Posted on 1 February, 2016 by admin

According to a survey by CBI, the UK economy saw its slowest rate of growth since May 2013 in the three months to January.

Slowest Growth for UK Economy Since 2013, Says CBI

The survey, which comprises manufacturers, retailers and the services sector, revealed a balance of 6% reporting increased business.

CBI’s Director of Economics, Ms Rain Newton-Smith, said the economy has had a “tough start to the year”, commenting: “Manufacturing and business and professional services have struggled to make a mark, but a healthier picture can be seen in the household-focused consumer service and retail sectors.”

Official figures last week put UK growth at 0.5% in Q4 2015, which is the slowest for three years.

CBI’s Growth Indicator shows professional services firms; Telecoms, legal and computing services, as the outputs with the biggest slow down.

There are also reports which have suggested that the Bank of England is to cut its UK economic growth forecasts this week to around 2.3% for 2016, compared with 2.5% in November 2015.

This Thursday, the latest inflation report will be released by the central bank which will keep interest rates unchanged, amid concerns about global economic volatility.

However, the Treasury still have a positive outlook, with a spokesperson for it adding: “Despite turbulence in the global economy, Britain is pushing ahead and continues to grow steadily.”




Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.


Recent Posts

Optimism from the Bank of England’s chief economist

The most expensive commercial properties.

Businesses operating from shared premises will miss out on grants

BA cuts 12,000 jobs, unions hit back

Media Streaming Service See Record Subscriptions

Covid-19 Causes Millions To Claim UK Furlough Scheme

America, Amazon Wants You!

UK Firms Battle To Survive

COVID-19 Grounds EasyJet Fleet

ECB Emergency Fight Back Aganist Covid-19

Aldi’s Expansion Plan

British Steel on the verge of collapse with over 20,000 jobs at risk

Paris watches as flames engulf one of France’s most famous landmarks

Debenhams on the brink of administration as board reject Ashley’s bid

Emmanuel Macron pushes for a new Europe with European Parliament elections on the horizon

Brexit impacts property market

Brexit uncertainty impacts the property market