UK economy tipped to return to pre-crisis GDP growth in 2014

The UK economy has been tipped to breach its pre-crisis peak as early as next year, instead of 2016, as previously forecast, by UK business network the British Chambers of Commerce.

The recent acceleration in growth has prompted the BCC to bring forward its prediction for a return to pre-crisis levels of growth by the third quarter of 2014. The business group forecast a GDP rise of 2.7% in 2014, up from its prediction of 2.2%, made as recently as August. This change of tune comes on the back of strengthening household consumption and an accelerating growth trend, with the UK economy growing 0.8% in the third quarter. Although a return to pre-crisis growth next year would still mean it took the UK six years to fully recover, the new estimate counters fears of a...