BlogUK economy in good health, business lobby groups say

UK economy in good health, business lobby groups say

The UK economy is in good health according to two major business lobby groups, the CBI and the British Chambers of Commerce (BCC).

The CBI says growth reached a record high in May, marking the best reading since it began gathering data in 2003.

Meanwhile, the BCC upgraded its growth forecast for 2014 from 2.8% to 3.1%, which, if achieved, would be the highest rate since pre-crisis 2007.

That figure is well above the 2.7% forecast by the OBR.

The OBR, or Office for Budget Responsibility, is the government's independent fiscal watchdog.

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