CBI predicts UK economic growth to remain ‘steady but subdued’

CBI predicts UK economic growth to remain ‘steady but subdued’

05 Dec 2017

The Confederation of British Industry (CBI) has stated that economic growth in the UK is on course to remain ‘steady, but subdued’ over the next couple of years.

The business group said that 2017 has seen ‘tepid growth’, and predicts that Gross Domestic Product (GDP) will grow at a rate of 1.5% in 2017, 1.5% in 2018 and 1.3% in 2019.

It also predicts quarterly GDP growth of 0.3% up to the end of 2019.

Commenting on the forecasts, Rain Newton-Smith, Chief Economist at the CBI, said: ‘After a timid 2017, UK economic growth is set to remain steady but sluggish, with less pep than we’ve seen over the past few years.

‘We expect domestic demand to remain soft. Household spending will remain under pressure from squeezed real wages and Brexit uncertainty will weigh on business investment.’

The CBI called for the government to make progress in its Brexit negotiations with the EU, and urged for clarity in regard to transitional arrangements.

Sage Logo Xero Logo St Luke's Logo Meningitis Logo BNI Logo Geneva Group International ICAEW members in Harrow, Middlesex
Copyright

© 2018 Lawrence Grant. All rights reserved.

We use cookies on this website, you can find more information about cookies here.
Contact Us

Please call:
+44 (0)20 8861 7575

Quick links

Contact us | Website terms of use | Site map | Accessibility | Disclaimer | Help |

Address
2nd Floor, Hygeia House, 66 College Road, Harrow, Middlesex HA1 1BE

We are a member firm of the Institute of Chartered Accountants of England & Wales (ICAEW). Registered to carry on audit work in the UK and Ireland. Our Insurer is Manchester Underwriting Management, Centennium Court/East St, Chesham HP5 1DG (worldwide, excluding North America). Also an independent member of GGI, a multidisciplinary worldwide association of accountants, tax consultants & solicitors.