It has been reported that the Confederation of British Industries (CBI) expects the UK’s economic growth to rise by 2.7% this year instead of its predicted 2.5% in November.
This comes as oil prices have dropped which has helped lower companies’ operating expenses whilst wages grow..
CBE deputy director-general Katja Hall said: "While lower oil prices are keeping costs down for businesses and consumers, the North Sea oil companies are suffering, harming jobs and investment in the industry," she added "Now is not the time for complacency, but falling unemployment coupled with improving wage growth and rock bottom inflation should mean that people see more money in their pockets."
The company has also reported that it expects the price per barrel for oil will remain below $65 in 2015 and consumer price inflation to remain below 1%.
