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Business group predicts ongoing growth for UK economy

The economy will continue to grow throughout the course of 2013, and GDP growth is likely to accelerate in 2014, according to the latest economic forecast from the Confederation of British Industry (CBI).

The business group is predicting that the economy will grow by 1% this year, with the rate of growth accelerating gradually each quarter, and that 2014 will see growth of 2%.

Earlier this week, the Bank of England also upgraded its economic growth forecast, predicting that inflation is likely to fall more quickly than anticipated, reaching its target of 2% over the course of the next two years.

John Cridland, CBI Director-General, commented, ‘The UK economy is moving from flat to growth. Although recent data suggests rising business confidence, the economic climate remains tough, hampering demand here and overseas. Meanwhile, consumers remain under pressure, as inflation continues to outstrip wage growth’.

The CBI is calling on the Government to ‘deliver on its promises’ to improve access to finance, reduce the red tape burden and drive up exports.