Business

CBI says UK economic growth slowed in second quarter

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Surveys for business lobby group the CBI suggest that manufacturing, retail and services growth slowed in the second quarter of the year.

This was largely due to a fast pace of growth in business and professional services in the first quarter not being sustained.

However, the CBI expects solid growth for the rest of the year.

Lower oil prices and inflation will boost real incomes and consumer spending, it predicted.

"Despite an easing in performance this month, activity over the quarter as a whole has been good," said Rain Newton-Smith, CBI (Confederation of British Industry) economics director.

She said that exporters "face real challenges, especially from the impact of a stronger pound against the euro and still weak global export markets".

Regardless of the results of the upcoming referendum in Greece, she added that the CBI "urge[s] eurozone leaders to move quickly towards a deal".

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