Economic growth in the UK reached a record high in May, posting the highest reading since data began in 2003, according to the latest CBI growth indicator.
The survey of 726 respondents across the manufacturing, retail and service sectors registered record high growth in business activity, with a balance of +35%, up from +25% in April.
The CBI’s growth indicator suggests the UK economy has continued to perform strongly going into the second quarter of 2014, with the pace of growth predicted to remain firmly above average for the coming quarter as well (a balance of +30 for expected output growth for the next three months).
Growth strengthened in retail sales and business volumes for the business & professional and consumer services sectors in the three months to May, with manufacturing output continuing to grow at the same solid pace as the previous two months.
This news is likely to provide a further boost to investor confidence and we can expect to see increasing foreign direct investment into the UK via Jersey.