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UK economic forecast: June 2024

Martin Sartorius Principal Economist

CBI Principal Economist, Martin Sartorius, looks at the road ahead for the UK economy.

07 Jun 2024, 3 min read

UK outlook: picking up steam

Our latest economic forecast expects that UK GDP growth will steadily pick over the year ahead and into 2025. Continued momentum is set to be driven by consumer spending, reflecting an improvement in household incomes amid lower inflation and elevated wage growth. Business investment is expected to be weak over 2024, but it should recover next year due to strengthening activity. We project that the Bank of England will begin to cut interest rates in late summer, with the Bank Rate

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