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12/5/2022, 2:22 AM (Source: TeleTrader)
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CBI: UK inflation to average 6.7% in 2023

The Confederation of Business Industry (CBI) estimated on Monday that inflation in the United Kingdom will remain elevated in 2023, reaching an average of 6.7% before falling to 2.9% in 2024. The UK economy will contract by 0.4% in 2023 and will not return to pre-pandemic levels of growth until the middle of 2024, according to CBI.

Unemployment will reach a high of 5% late next year and at the start of 2024, the report added. Business investment will stay at 9% below the levels before COVID-19 at the end of 2024. CBI Director General Tony Danker warned that the UK "will see a lost decade of growth if action isn't taken." He also expressed concern about the Sunak government's lack of direction. "What we’re lacking is any sense of reason to believe in investment confidence, or a market framework for growth, coming from government," he noted.

Baha Breaking News (BBN) / DJ