The Confederation of British Industry (CBI) thinks that the UK government should shift its focus on the development of the domestic economy in order to depart from the “slow lane” of the GDP growth. The CBI is scheduled to release a downward revision of British economic outlook, with snow in Jan-Mar period that lowered its forecast for this year’s growth. The UK’s biggest business lobby group further predicts that GDP growth in the country will be at 1.4 percent versus its initial estimate of 1.5 percent. While project growth in 2019 is 1.3 percent. The organization also stated that low productivity growth slightly developed in a decade since the financial recession and this should be the first priority amid uncertainties in EU referendum and risks from the increasing protectionism with some of the major economies. According to CBI chief economist Rain Newton-Smith, the weakness of productivity is considered a structural challenge for Britain’s economy as it affects the living standards as well. To increase productivity is the answer to boost living standards for workers, more likely when laborers are able to establish companies that could possibly increase their wages. Furthermore, the CBI is waiting for the Bank of England to implement three-time rate hike at the end of 2019.
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