This week Greg Hands MP welcomed further improvements in the UK’s economic performance and that official figures, due to be published at the end of February, are expected to show the UK's economic growth in 2013 was the strongest since 2007, before Labour’s Recession.
Ahead of the latest official GDP statistics, research from the Confederation of British Industry (CBI) has confirmed these predictions, showing that the volume of UK output in the three months to January grew at 30%, the fastest pace since late 2007, with the outlook for the next quarter looking buoyant.
The CBI Growth Indicator is a new monthly composite of the leading business organisation’s economic surveys spanning manufacturing, retail and the services sector. It offers an early perspective on economic growth and covers close to 75% of the private sector economy.
When compared with historic composite CBI economic data, the first Growth Indicator shows the fastest pace of growth in output volumes (+30%) since September 2007. This reflects the recent strong performances seen across the business & professional services, consumer and distribution sectors, while the manufacturing sector posted decent growth. Companies also have a positive outlook with an expectation of robust output growth (+28%) for the next quarter.
Greg said: “I welcome this work from the CBI, and the fact that the British economy appears to be firmly on the mend. This research shows the UK is now growing faster than it has since before the recession and financial crisis occurring under the last Labour Government. It shows that this Conservative-led Government’s long term economic plan is working, and I am pleased that this will lead to more jobs and a boost for the economic security of hardworking people in my constituency.”
Katja Hall, CBI chief policy director, said: “A picture is unfolding of a real upsurge in output across much of the UK economy. Many firms in many sectors are feeling brighter about their prospects than they have for a long time, showing the recovery is gaining traction. We certainly need companies investing more and creating a bigger footprint in fast-growing markets, and while some risks remain, we expect the economy to continue to strengthen through 2014.”