UK to be fastest-growing Western economy
The UK is set to grow faster than any other Western economy, according to a report by the accountants Grant Thornton.
Its regular monitor of business confidence, conducted with the industry body ICAEW, suggests economic growth of 1.3% in the fourth quarter of 2014.
It says it has identified signs of rising business confidence.
Its view of the economy mirrors that of the CBI, whose recent assessment also suggest a strong pick-up in growth.
The CBI, whose annual conference begins on Monday, said the UK economy was recovering at a “slow and steady” pace.
Optimism
The ICAEW/Grant Thornton report says the recovery is happening among both business and consumer sectors and that companies are expecting growth in exports and business investment next year.
It says confidence in business is at its highest for the 10 years it has been running and has also been the longest sustained period of rising optimism registered.
Michael Izza, chief executive of ICAEW, said: “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 predicts growth this year of 1.4%, up from the 1.2% forecast in August, following a strong third-quarter performance.
It then expects a growth rate of 2.4% in 2014, Cridland said.
Latest official figures showed that the UK’s economy grew by 0.8% between July and September, with the Office for National Statistics saying there had been a “fairly strong” performance across all sectors.
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