News
UK will be fastest growing western economy by 2014, says report
04 - 11 - 2013
The UK is primed to grow faster than any other Western economy, according to a recent report.
The UK Business Confidence Monitor, conducted by Grant Thornton and The Institute of Chartered Accountants in England and Wales (ICAEW), predicts economic growth of 1.3% in the final quarter of 2014, as business confidence reaches a 10-year high.
The news follows a preliminary report from the Office for National Statistics (ONS), which estimates that the economy grew by 0.8 per cent in the three months to the end of September.
The monitor also registered the longest sustained period of rising optimism in the 10 years it has been running.
Signs of rising business confidence have been identified, with the Confederation of British Industry (CBI) reporting that the UK economy was recovering at a ‘slow and steady’ pace.
Both business and consumer sectors are experiencing recovery, according the ICAEW/Grant Thornton report.
The study found that companies are predicting growth in exports and business investment next year.
The survey of 1,000 accountants is one of a leading barometer of how the economy is expected to perform.
Recovery ‘well underway’
Chief executive of the ICAEW, Michael Izza, says: ‘This quarter’s report shows that the UK economic recovery is well underway.’
‘If it continues at this rate, the UK economy will be one of the fastest growing economies in the western world going into 2014.’
The CBI forecasts growth of 1.4 per cent this year, an increase of 0.2 per cent in August, after a strong third quarter.
