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- The Confederation of British Industry downgrades its U.K. GDP forecasts
The Confederation of British Industry downgrades its U.K. GDP forecasts
The Confederation of British Industry (CBI) downgraded its U.K. gross domestic product (GDP) growth estimates on Monday. The U.K. economy is expected to expand at 2.4% in 2015 and at 2.5% in 2016, down from its February estimate of 2.7% and 2.6% respectively.
"The recovery has built up a good head of steam and we expect to see solid, steady and sustainable growth carrying through into next year. Risks remain in the form of economic instability in Greece and a sluggish Eurozone, and clearly the EU referendum is a hot topic in Britain's boardrooms. Businesses now have certainty that the referendum is happening, but not the outcome," the CBI Director-General John Cridland said.
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