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News - 16 February 2015

CBI Upgrades Economic Growth Forecast For 2015

The Confederation of British Industry has upgraded its economic growth forecast for 2015, after inflation fell to a record-equaling low in December.

They predict that the Britain's economy will expand by 2.7% this year, up from its previous prediction of 2.5%.

The CBI also believes the future looks healthier for businesses, as lower energy prices cut operating costs and free up more cash for investment.

However, on a note of caution, they say the combined effect of the May General Election, the conflict in the Ukraine and Greece’s continuing economic turmoil could have a dampening effect on export orders.

The reduction in oil prices has also had a knock-on effect on jobs and investment in the North-sea Oil Industry

Stuart Coleman, Manager of the Tax Department of ABDS comments:
“Gross domestic product (GDP), which includes all the services and goods produced in a year, grew by 2.6% in 2014, which was faster than other European economies but falls short of earlier expectations. The CBI also expects oil to remain below $65 per barrel in 2015 and it expects consumer price inflation to remain below 1%.”

A Treasury spokesman said: "This is welcome news for households and families, but the job is not yet done so we must keep working through the plan that is delivering economic security in an uncertain world economy."

Shadow business secretary Chuka Umunna welcomed the CBI's upgrade of its forecast, but argued that many people were not feeling the benefit of economic growth.

If you need any help and advice on Management Accounts, Budgets and Cash Flow Forecasts, contact Lavinia Newman, Stuart Coleman or Liz Kennett NOW to discuss how ABDS can help in all your financial planning.

ABDS Chartered Certified Accountants of Southampton.
Tel: 023 8083 6900  E-mail: abds@netaccountants.net

Brilliant with numbers   
Great with people  
Clear and precise with advice
Timely and cost effective 
In touch with issues that face our clients and
mindful of their long term strategic goals

Helping Your Business is Our Business

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