UK economy to be fastest growing in western world

According to the UK Business Confidence Monitor, Britain will be the West’s fastest growing economy as of 2014.

15:30 04 November 2013

The Institute of Chartered Accountants in England and Wales together with Grant Thornton’s accountants have put together UK Business Confidence Monitor which suggest that, by 2014, Britain will become the fastest growing economy in the west.

ICAEW predicts that Britain’s economy will grow by 1.3per cent in the fourth quarter of 2013.

Michael Izza, ICAEW chief executive, said: "If our forecast is right, it will mean the UK is set to be the fastest growing economy in the western world going into 2014.”

"UK business confidence has now been rising for over a year, the longest sustained period since 2007. As significantly, there are some signs that the economic recovery is broadening to encompass business investments and exports.

"If this trend continues, the economy will have some strong foundations on which to build in 2014 and beyond."
However, Mr Izza added that there are still some areas of concern. "We shouldn't get too carried away just yet with such positive news".

"There are still some areas of concern. Capacity and productivity is still low suggesting there is some slack in the economy and this could impact on recruitment plans.”