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Your email address will not be published.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

The latest property data has identified Newquay as the fastest property seller’s market in the UK

Investing in your garden can increase your property’s value

French Riviera temping high-end homebuyers

How can the ownership rights of my commercial property impact a business sale?

Should I incorporate virtual property viewings permanently?

Investment expected to increase across Asia-Pacific in 2021

UK property industry slows as the conclusion of tax break looms

BNP Paribas cautioned investors on Friday as debt-trading bonanza that increased its earnings this past year

Over 300,000 property purchases fell through in 2020 – we show the most frequent motives and the best way to get your house sale back on track

House Prices in the Capital Surpass £500,000

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