Rising energy prices have forced the Confederation of British Industry (CBI) to cut its forecast for the UK economy this year and next, report most papers today.
This follows warnings from the British Chambers of Commerce and the Bank of England that growth is suffering the effects of increasing energy prices, especially oil.
The CBI’s new forecasts are for growth in 2005 to come in at 1.9% - well off the government’s own forecast of 3-3.5% - and 2.2% in 2006 - although that figure could be lower if oil prices continue rising, the organisation warns.
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