According to the Confederation of British Industry (CBI), UK GDP grew at its slowest rate since mid-2013 in the three months to January of this year.<\/p>\n
Last week, the CBI\u2019s extensive survey of retailers, manufacturers and the services sector revealed a balance of just 6% of firms reporting an increase in business.<\/p>\n
Official figures put forward by the CBI said UK growth was at 0.5% in the last quarter of 2015 \u2013 representative of the lowest rise in GDP in the last three years.<\/p>\n
Output from professional services firms slowed the most, according to the CBI Growth Indicator, and future estimations pointed towards only \u201cmodest\u201d growth for the next three months.<\/p>\n
Rain Newton-Smith, the CBI\u2019s director of economics has described the UK economy as having had \u201ca tough start to the year\u201d.<\/p>\n
Ms Newton-Smith said: “Manufacturing and business and professional services have struggled to make a mark, but a healthier picture can be seen in the household-focused consumer services and retail sectors.”<\/p>\n
Recent reports have suggested that the Bank of England will likely cut its economic growth forecasts this week to around 2.3% for 2016, compared with the 2.5% reported back in November.<\/p>\n
The central bank will publicise its latest inflation report on Thursday.<\/p>\n
It is expected that the Bank of England will also announce plans to keep interest rates unchanged, amid anxieties about global economic instability.<\/p>\n
Despite the CBI\u2019s recent discoveries, a Treasury spokesperson has said that even with \u201cturbulence in the global economy, Britain is pushing ahead and continues to grow steadily.”<\/p>\n","protected":false},"excerpt":{"rendered":"
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