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CBI revises next year’s economic growth forecast down to 5.1%
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Economic forecasters have slashed expectations for Britain’s recovery and said further pain could follow, depending on the severity of the Omicron variant of Covid-19 and government action to avoid a “cliff edge” for business investment.
The Confederation of British Industry, the UK’s leading business lobby group, said in June that it expected the economy to expand by 8.2%.
But on Monday it cut that prediction to 6.9% and revised down its 2022 forecast from 6.9% to 5.1%.
It put the more pessimistic outlook down to weaker-than-expected output since its last forecast, with supply chain disruption among the factors that has placed a drag on the economy.
The accounting firm KPMG issued an even gloomier prediction, saying it expects growth to reach
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