Here’s a little more morning sunshine for you: the UK economy is forecast to hit its pre-recession peak by this summer, according to the British Chambers of Commerce.
The business lobby group has today upgraded its growth forecast for the next two years, from 2.7% to 2.8% for this year, and from 2.4% to 2.5% in 2015.
It believes that UK GDP will exceed its pre-recession Q1 2008 peak sometime in the second quarter of this year, meaning we should be back to that level by June.
The BCC’s Q1 2014 Economic Forecast shows greater business optimism. The BCC says that John Longworth, its director general, thinks that “the economy is ‘gaining momentum’ and pays tribute to businesses across the UK that have fought hard to grow and create jobs”.
But the BCC adds that “Mr Longworth also warns that major issues remain as the economy still faces long-term challenges despite recent progress”.
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