Our latest economic forecast shows there’s much more to do to unlock the UK’s growth potential.
The CBI’s latest economic forecast is out – and it expects the UK to face another year of weak growth. Following GDP growth of 0.6% in 2023, we’re looking at 0.8% growth in 2024, picking up to 1.6% in 2025.
Given the headwinds we’ve seen, businesses and households have shown remarkable resilience. Even the weak growth we’ve seen is better than expectations of a recession this time last year.
But we need to do much more to address fundamental - and persisting - weakness in the economy and unlock the UK’s true growth potential.
Growth-enhancing measures in the Autumn Statement were a good start. Particularly the decision to make full capital expensing permanent, and commitments around speeding up planning and grid connectivity, which the CBI had called for.
With a general election around the corner, it’s imperative there is no back-tracking on these – and that we keep focused on the growing consensus around the importance of going after sustainable growth.
But as we state in our business manifesto, all political parties need to commit to a long-term strategy that boosts competitiveness, honours our climate commitments, addresses labour shortages and renews the partnership between business and government, in order for our economy to truly thrive.
We'll be focusing our work around the priorities in our business manifesto as we go into 2024, with suggestions of how we can put the UK on firm footings to help the economy to thrive.
Members can read our economic forecast in detail on My CBI.
