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News - 22 January 2014

IMF upgrades UK growth forecast

The International Monetary Fund (IMF) is poised to increase its projection for UK growth in 2014 from 1.9% to 2.4%. Although the Fund will also lift its forecasts for world economic growth, the UK upgrade is significantly stronger.

This follows on from some more good news on the UK economy when the Ernst & Young ITEM Club also increased its projection for UK economic growth this year.

Tonmoy Kumar, Manager of the Accounts Department of ABDS comments:
“Although the Fund's forecast for growth this year will be shy of the 2.7% predicted by the ITEM Club, the scale of the upgrade underlines how quickly sentiment about Britain's economy has turned in recent months.”

The news comes amid growing optimism about the speed of the UK recovery. In spite of concerns about retailers' fortunes over Christmas, retail sales grew in December at the fastest annual rate in almost a decade.

The Office for National Statistics is expected to announce very soon figures for the final quarter of 2013.

If you need any help and advice for your business on financing, cash-flow, management accounts or business development and or recovery, contact Lavinia Newman, Stuart Coleman or Tonmoy Kumar to discuss how ABDS can help

ABDS Chartered Certified Accountants of Southampton.
Tel: 023 8083 6900  E-mail:

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