Business lobby groups hail brighter UK economy

The CBI says growth reached a record high in May, marking the best reading since it began gathering data in 2003, the BBC reports. Meanwhile, the BCC upgraded its growth forecast for 2014 from 2.8% to 3.1%, which, if achieved, would be the highest rate since pre-crisis 2007. That figure is well above the 2.7% forecast by the OBR. The OBR, or Office for Budget Responsibility, is the government's independent fiscal watchdog. The CBI's growth report suggests the UK economy has continued to perform strongly in the second quarter of this year. It expects the pace of growth to rema...