According to a survey by accountancy firm Grant Thornton, the UK will be the fastest growing economy next year, writes Patrick Brusnahan.
Predictions in Grant Thornton’s quarterly Business Confidence Monitor report, with the accountancy body Institute of Chartered Accountants in England and Wales (ICAEW), stated that the UK will grow by 1.3% in the last quarter of 2013, followed by a growth rate of 2.4% in 2014.
The organisations attribute this growth to a higher sense of business confidence as firms expect more exports, business investment and employment growth in the coming year.
The survey also felt the recovery was becoming broader. Construction, production, industry and services sectors also reported increasing confidence. Property and construction in particular displayed strong confidence, aided by initiatives such as Help to Buy, a home ownership scheme backed by the government. Overall, they felt that confidence was at its highest since the company started ten years ago.
Michael Izza, ICAEW chief executive, said: "This quarter’s report shows the UK economic recovery is well underway. If it continues at this rate, the UK economy will be one of the fastest-growing economies in the Western world going into 2014."