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Economy

31 Oct 2021

UK Businesses Data Reports Raised Stronger-than-Average – CBI

The Index Today

The Confederation of British Industry (CBI) said on Sunday, that most of the UK businesses gained an inched of momentum and grew at an above-average pace in straight three months until the end of October, amid widespread issues on supply chains.

Reuters reported that the CBI's monthly growth indicator - which pulls together surveys of output from manufacturers, retailers and other services companies - rose slightly to +29 from +27 in September, after hitting its highest since 2014 in August at +34.

CBI lead economist Alpesh Paleja said, "Given the headwinds business has faced, achieving above average growth for the past six months shows real resilience in the UK economy."

In addition to the reports from Reuters, Britain's Office for Budget Responsibility upgraded its growth forecast last week to predict an expansion of 6.5% this year and 6.0% in 2022, as the economy recovers from its historic slump of nearly 10% in 2020.

A lot of investors now are expecting that the Bank of England will raise interest rates this week for the first time since the start of the pandemic, although some economists expect it to be held until there is clearer news on the health of the job market.

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