According to the latest forecasts of a business group, increased consumer spending in the UK along with the nation’s dominant services sector will grow faster than expected.
Great Britain is expected to up its GDP 2.6%, higher than the previous 2.3% that had previously been estimated. This will keep the nation near the top of the G7 league tables. Furthermore, the U.K.’s GDP is expected to grow 2.7% in the next two years.
Those recent predictions are in contrast to another recent survey that suggests a decrease in the U.K.’s services sector along with a slump in exports and manufacturing.
The survey conducted by the National Institute of Economic and Social Research that had been published yesterday estimated economic growth in the previous quarter to the end of August at 0.5% while growth in the three months previously had been 0.6%.
Yet, this data is likely to be influenced by the Bank of England’s Policy Monetary Committee which will be deciding when to start raising interest rates today.
Other experts are warning about possible “further bumps in the road” due to low productivity, the current crisis in China and weakness in the Eurozone.
There are still domestic and external challenges facing the UK economy, according to David Kern, the BCC’s ‘s chief economist.
‘Low productivity, and curbing the unacceptably large fiscal and external deficits, are the biggest challenges. Job creation may also be impacted by the large increases in the minimum wage.’, he was quoted saying.
Over 20 cyclists from Wirral are taking on several hundreds of miles in a charity event in support of a local children’s hospice.
The cyclists are raising money for the Claire House Children Hospice in Bebington. The trip goes from London to Paris, covering more than 300 miles.
Part of the route is to same route as the tour of France. The trip to Paris will take four days after which the participants will be arriving in the French capital.
Up until now, the cyclists have raised more than £24,000 which will go towards ill children and their families.
The Children’s Hospice in Bebington, Claire house currently cares for more than 250 families who have lost a child.
“As a family run business, Claire houses a charity close our hearts. The physical challenge was nothing compared to what some families have to go through, and what was at the back of our mind on the way”, said Graham Curtis from B&M waste services who rode alongside fellow director Neil Curtis and Craig Pryce.
He furthermore stated that the picture drawn by one of the children at the hospital which she received was one thing that spurred him on to participate in the event.
The fundraiser of the charity, Mark Pearson said that the bike ride from one capital to other across nations is one of the greatest cycling events in the world. He stated that he sees what their teams achieved equally as challenging.
You can read more about the clear house children’s Hospice at their website www.claire-house.org.uk/challenges
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