UK 'fastest-growing Western economy'

 
Construction site There is a growing belief the UK economy is enjoying a broad-based improvement

The UK is set to grow faster than any other Western economy, according to the ICAEW - the body representing English and Welsh accountants.

Its monitor of business confidence, sponsored by accountants Grant Thornton, suggests economic growth of 1.3% in the fourth quarter of 2013.

The report 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 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 under way.

"The shape of the recovery is changing as businesses respond to rising confidence by looking to new markets and increasing their investment plans."

The ICAEW uses forecasts from the Centre for Economics and Business Research to compare the outlook for UK growth to other western nations.

It says that the UK is likely to be leading those countries by the end of next year.

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.

 

More on This Story

The BBC is not responsible for the content of external Internet sites

Comments

This entry is now closed for comments

Jump to comments pagination
 
  • rate this
    +18

    Comment number 966.

    I live in Tendring in NE Essex. Everyone who is lucky enough to be working is on £6.30 an hour. We do not see any recovery here. We constantly hear and read that Bosses on telephone number salaries, but when it comes to accepting responsibility for the bad management decisions, they suddenly invent lots of excuses.

  • rate this
    +36

    Comment number 470.

    The problem was that we paid ourselves too much for too long and the cost of this is that wages have remained low for a number of years. Companies, Institutions and Governments borrowed to fund personal growth in income, now that is being sorted out and we will eventually end up where we should have been in a fiscally responsible growth pattern.

    Very uncomfortable but very necessary.

  • rate this
    +14

    Comment number 469.

    Oh that's great news! If you're Richard Branson or someone along those lines. My wages aren't going to increase, the prices of the things I buy aren't going to go down. This is only going to benefit the mega rich, because that's what our economy does.

  • rate this
    +84

    Comment number 28.

    So a report from a firm of accountants says we are into a recovery and doing well...I'm not impressed. What about a report showing how that recovery is going to benefit the majority of working people in this country, rather than a privileged few at the top?

  • rate this
    +169

    Comment number 4.

    Well this is very good news indeed!!

    Now we have to convert these statistics and reports into meaningful and permanent long term secure jobs especially for our youngsters.

    And if this is a long term recovery and growth, lets not waste it like last time!!

 
 

More Business stories

RSS

Features

BBC © 2014 The BBC is not responsible for the content of external sites. Read more.

This page is best viewed in an up-to-date web browser with style sheets (CSS) enabled. While you will be able to view the content of this page in your current browser, you will not be able to get the full visual experience. Please consider upgrading your browser software or enabling style sheets (CSS) if you are able to do so.