One of Britain’s top business lobbying organizations has upped its economic forecasts for the U.K., arguing that growth will be boosted by a hike in business investment and exports.
The CBI (Confederation of British Industry), which represents around 240,000 businesses, said on Tuesday that it expected the economy to expand by 2.6 percent in 2014 – up from its earlier forecast of 2.4 percent. Next year, economic growth is seen at 2.5 percent, slightly lower than the 2.6 percent previous expected.
The economic expansion will be driven by a hike in business investment, which is expected to make a positive contribution to growth this year, according to the CBI. Business investment growth is seen rising 6.6 percent this year and 8.3 percent in 2015, having fallen by 3.7 percent in 2013.
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