CBI Upgrades Economic Growth Forecast For 2015

The Confederation of British Industry has upgraded its economic growth forecast for 2015, after inflation fell to a record-equalling low in December.

According to the group, Britain's economy will expand by 2.7% this year - up from its previous prediction of 2.5%.

It said living standards were improving, with strong levels of job creation and wage growth beginning to gain momentum.

The CBI also believes the future looks rosier for businesses, as lower energy prices cut operating costs and free up more cash for investment.

However, it warned political uncertainty ahead of May's General Election - when coupled with Greece's economic turmoil and the Ukrainian conflict - could make it difficult for exporters to secure new orders.

And, as the price of oil has fallen by around 50% since last summer, North Sea oil companies have taken a hit - stymying jobs and investment in the industry.

Katja Hall, the CBI's deputy director-general, said: "UK growth continues to outshine its counterparts in Europe and progress is 'steady as she goes'.

"Now is not the time for complacency, but falling unemployment coupled with improving wage growth and rock-bottom inflation should mean that people see more money in their pockets."

Although the CBI's forecast is now in line with the International Monetary Fund, the Bank of England is predicting economic growth of 2.9% this year.

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