UK Economy Upgraded to Grow 0.4% This Year and 1.8% Next Year, Says CBI

The UK economy is likely to avoid recession and grow 0.4% this year and 1.8% next year, according to the Confederation of British Industry (CBI) trade body.

The upgrade is due to falling energy prices, the reopening of China's economy, and easing supply chain disruptions.

However, deep-rooted problems such as weak business investment will persist, and the Bank of England is expected to raise interest rates to 5% by August.

The CBI also notes that the UK is underperforming in areas crucial to long-term prosperity, such as business investment and trade intensity.