Britain's economy will grow at its fastest rate since 2007 this year, the British Chambers of Commerce (BCC) said, but called on policymakers to ensure the performance is not a "flash in the pan".
The business body upgraded its 2014 U.K. GDP forecast for 2014 from 3.1 percent to 3.2 percent and 2015 from 2.7 percent to 2.8 percent. But the BCC added that growth would slow in 2016 with the economy expanding 2.5 percent.
Britain is too reliant on consumer spending to fuel its GDP growth, the BCC said, adding that investment and exports need to be boosted. "Our forecast confirms that Britain has become one of the fastest-growing developed economies. We are leading, rather than following, other major economies when it comes to short-term growth," John Longworth, director general of the BCC, said in a press release.
Recommended Content
Editors’ Picks
EUR/USD advances to near 1.0750 as risk appetite regains balance
EUR/USD extends its winning streak for the third successful day, trading around 1.0730 during the Asian session on Friday. The risk-sensitive currencies like the Euro gain ground as risk appetite regains balance ahead of US Nonfarm Payrolls.
GBP/USD trades on a stronger note 1.2530, all eyes on US NFP data
The GBP/USD pair trades on a stronger note around 1.2540 amid the softer US Dollar on Friday. The US Federal Reserve Chair Jerome Powell delivered a modest dovish message after the meeting on Wednesday, which weighs on the Greenback.
Gold lacks firm near-term direction, remains stuck in a range ahead of US NFP
Gold price struggles to gain any meaningful traction amid mixed fundamental cues. The Fed’s less hawkish outlook drags the USD to a multi-week low and lends support. Bets for a delayed Fed rate cut and a positive risk tone cap gains ahead of the US NFP.
Solana price pumps 7% as SOL-based POPCAT hits new ATH
Solana price is the biggest gainer among the crypto top 10, with nearly 10% in gains. The surge is ascribed to the growing popularity of projects launched atop the SOL blockchain, which have overtime posted remarkable success.
US NFP Forecast: Nonfarm Payrolls gains expected to cool in April
The United States Employment report will be released by the Bureau of Labor Statistics at 12:30 GMT. The US Dollar looks to employment data after the Fed signaled its intention to hold rates higher for longer on Wednesday.