World Economy

UK Economy Growing

UK Economy GrowingUK Economy Growing

The speed at which the British economy is growing is increasing, the Confederation of British Industry (CBI) says, according to a BBC report. Research by the CBI suggests business activity increased markedly in the three months to May. Rain Newton-Smith, the CBI's director of economics, said growth had "cranked up several gears". In April official figures revealed the UK economy grew by 0.3% in the first three months of 2015, which marked the slowest quarterly growth for two years. But now the CBI is suggesting that all sectors of the economy are growing. Its latest survey of more than 800 companies suggests the services sector – which ranges from restaurants and plumbing to banking and finance – stood out in particular.  This sector recorded its fastest growth in business volumes since February 2006 and was the main driver of the overall acceleration, the survey concluded. The CBI said growth could be boosted further as things improve economically in the Eurozone, which is the UK's largest trading partner.