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News - 24 July 2014

UK to post strongest growth in G7

 The Item Club raised its forecast for growth this year to 3.1% from 2.9% previously, saying that the UK economy will grow faster in 2014 than any other G7 economy, while low wage rises will ensure interest rates do not rise until next year.

 
Tonmoy Kumar, Manager of the Accounts Department of ABDS comments:
“The Item Club forecast also predicts 2% GDP growth in Canada and 1.8% growth in Germany. Official figures show that UK GDP rose by 0.8% in the first three months of the year, the fifth consecutive quarter of positive growth. This represents the longest positive run since the financial crisis.”
 
The Item Club also forecast that interest rates would not rise this year from their record low of 0.5%. This is in stark contrast to the market consensus, which is for a rise later this year.
 
Last month, Bank of England Governor Mark Carney signalled that rates could well rise sooner than most expected, which had at the time been in the first half of 2015. This led many commentators to expect a rise later this year.
 
Figures released last week showed a sharp rise in inflation to 1.9% in June, up from 1.5% in the previous month, which convinced many that rates - the primary tool used by the Bank to control price rises - would indeed rise sooner rather than later.
 
TK continues:
“The report does forecast, however, that real incomes will grow over the next two years.It also forecasts that the unemployment rate, currently running at 6.5%, will fall to 5.6% by the end of 2015.”
 
For those who are looking for a more personal approach on a range of individual and business related issues, contact us at ABDS.
 
ABDS Chartered Certified Accountants of Southampton.
Tel: 023 8083 6900 E-mail: abds@netaccountants.net
 
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Great with people  
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Timely and cost effective
In touch with issues that face our clients
Mindful of our client’s long term strategic goals
 
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