Follow UK immigration and UK economic updates: The Institute of Chartered Accountants in England and Wales (ICAEW) stated in a report on Monday (November 4) that the UK will become the fastest-growing Western economy in 2014.
ICAEW noted that business confidence in the UK reached +24 in the third quarter, the highest level since the second quarter of 2010. The organization now predicts that the UK economy will grow by 1.3% in the fourth quarter.
ICAEW's CEO Michael Izza stated: “If our expectations are realized, the UK will be one of the faster-growing economies among Western countries in 2014.”
Izza said: “Business confidence in the UK has been recovering this year, marking the longest period of continuous growth since 2007. The signs of improvement in business investment and exports indicate that the UK economic recovery will further expand.”
UK Prime Minister David Cameron also recently stated that the UK economy is improving.
Cameron said: “The UK economy is getting better and better. The UK needs a more balanced and sustainable economic growth.”
Cameron also pointed out that the UK needs to reform its education system and promised to invest heavily in road network construction.
However, ICAEW still warns the UK not to become complacent due to the stream of good news. Izza pointed out: “There are still some areas of concern. Capacity and productivity remain low, which will affect the job market.”
He also stated: “As business confidence and economic data strengthen, the UK economy will continue to improve. But we still have a long way to go, and we certainly cannot be complacent.”
