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| CBI: Britain's economic recovery is on track |
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 The Confederation of British Industry (CBI) has today (June 14th) stated that the country's economic recovery remains on track in 2010.Despite factors such as the continuing adverse effects of the global economic downturn which began almost two years ago and the ongoing fiscal crisis throughout Europe being caused by the problems in the eurozone, the CBI believes that the UK is definitely on the road to recovery. Indeed, the business group has even marginally upgraded its previous forecast for the country's economic growth throughout the remainder of the current year due to the recent strong pick-up in British manufacturing activity and increasing overseas demand for goods form these shores. The CBI now expects the economy to expand by 1.3 per cent in 2010, as opposed to its previous prediction of one per cent. Meanwhile, the expected growth of the UK's gross domestic product (GDP) next year remains unchanged at 2.4 per cent. CBI figures show that the British economy posted growth of 0.3 per cent in the first quarter of 2010 and is anticipating a further expansion of 0.8 per cent through the second three-month period of the year. However, the organisation added that the effects of the government's planned private sector cuts over the next year or so will inevitably stunt the economic recovery. Therefore, the GDP growth rate will slow to 0.5 and 0.4 per cent respectively through the latter half of the year, before picking back up to a consistent level of around 0.8 per cent again throughout 2011. Immediately after being elected on May 6th, the Conservative-Liberal Democrat coalition announced that it plans to remove more than £6.2 billion from the public spending bill prior to April 2011 in order to begin making inroads into Britain's estimated trade deficit. This currently stands at an estimated figure of more than £140 billion and the government is determined to set about reducing this amount as soon as possible, through measures such as removing around £500 million from the Department of Work and Pensions' budget. A recent report by Cities for Centres suggested that prime minister David Cameron and chancellor George Osborne should prioritise re-generating the private sector making these cuts so that the country will be able to manage this transition more smoothly. Meanwhile, ahead of the emergency budget that is set to be revealed on June 22nd, Richard Lambert, CBI director-general, has said that the private sector is bound to play a crucial role in aiding the recovery of the British economy as it will need to offset lower governmental spending. He insisted that chancellor Osborne must create an environment whereby businesses can flourish despite these tough financial times and said that new jobs will be essential in the private arena. Mr Lambert added: "Although the risks to the economic outlook have increased, our view is that the UK's tentative recovery will be sustained. "However, economic growth will be weak and we do not expect a return to pre-recession GDP levels until 2012." Posted by Daniel Frost 
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