UK tipped to be fastest-growing Western economy in 2014
In its quarterly Business Confidence Monitor report with the accountancy body Institute of Chartered Accountants in England and Wales (ICAEW), it predicted the UK will grow by 1.3% in the fourth quarter of 2013.
The organisations said they had identified signs of business confidence as firms expect more exports, business investment, and employment growth next year.
It also felt the recovery is beginning to become more broad, with construction, production, industry and services sectors all reporting increasing confidence.
Property and construction reported particularly strong confidence this quarter, helped by initiatives such as Help to Buy.
“This quarter’s report shows the UK economic recovery is well underway,” said Michael Izza, ICAEW chief executive. “If it continues at this rate, the UK economy will be one of the fastest-growing economies in the Western world going into 2014.”