Stay up to date with the latest developments in the British economy. Looking at domestic and global economies, our business news helps industries understand important events and build strategies for the future. The CBI's economy news team draws on a wealth of experience, and a vast network of businesses from across the UK. We also provide regular reports and surveys which can be found on the CBI site.
Q3 GDP growth rate was unrevised in its final estimate at 0.4%. However, revisions to the composition of growth left it looking more balanced over the quarter. Employment continued to fall in the three months to October, but the labour market remains relatively tight.
Business rates in Scotland need an urgent overhaul if the region is to compete with the rest of the UK, the CBI has insisted in its manifesto for the 2016 Holyrood elections, published a week before the SNP conference.
The CBI’s growth indicator showed that private-sector growth remained broadly stable in the three months to November, with a balance of +20%, compared with +19% in October. The latest reading reflected slightly stronger growth in the manufacturing, consumer and business & professional services sectors, which was partly offset by slower growth in the distribution sector. Despite remaining close to the seven-month low recorded in October, the growth indicator remained well above its long-run average. It is expected to pick up slightly in the coming three months (+26%), but expectations have moderated on the generally stronger predictions seen earlier this year.
As we approach the Autumn Budget, the CBI is calling on the government to focus on the drivers of productivity and business confidence to achieve prosperity and growth. With secure, clean and affordable energy a key thread running through a modern Industrial Strategy, it’s important that the government provides further clarity on the long-term policy framework.