Britain’s economy now looks likely to sidestep recession entirely this year but deep-rooted problems like weak business investment will persist, the Confederation of British Industry trade body said on Monday. | Reuters
“While encouraging, there’s no getting away from the fact that this year will be another tough one for both businesses and households,” CBI lead economist Alpesh Paleja said, noting that the Bank of England looks likely to raise interest rates to a peak of 5 percent by August from 4.5 percent now.“It’s also concerning that the UK is underperforming on many of the areas crucial to our long-term prosperity, such as business investment and trade intensity,” he said.
The CBI does not expect business investment – a weak spot for Britain’s economy since the Brexit vote of 2016 – to return to its pre-pandemic level before the end of next year. “Making our business environment more attractive to firms at home and abroad must be front of mind in the months ahead,” Paleja said.Subscribe to our daily newsletter
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