U.K. Outlook Raised by Niesr as Consumer Spending Lifts Growth
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The U.K. economy will grow faster than previously forecast as rising house prices support consumer spending, the National Institute of Economic and Social Research said in a report today.
Gross domestic product will expand 2.5 percent this year, more than the 2 percent the London-based group forecast in November. The unemployment rate will reach the 7 percent threshold for the Bank of England to consider an interest-rate increase in early 2014, it said, revising an earlier assessment there there was a one-in-five chance of that happening in the first quarter.