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UK economy will grow 2.5% this year – NIESR

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Well here’s some cheery news to start the almost-weekend: the economy is set to grow 2.5% this year, according to the National Institute of Social and Economic Research (NIESR).

It believes that our recovery is now “entrenched”, and is forecasting further growth of 2.1% in 2015.

NIESR is attributing the growth to the continuing “remarkable performance of the labour market” and to rising house prices, which are having a positive knock-on effect on consumer spending.

It said in a statement: “We expect consumer spending to remain the key driver of recovery in 2014 and 2015, supported by continued buoyancy in the housing market.”

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