UK economy accelerating, CBI says

Strong performance from business and professional services driving expansion in the three months to May

UK economic growth has "cranked up several gears" to its fastest pace for a year, boosting hopes that a slowdown in the first quarter of 2015 will be short-lived, figures suggest.

The CBI's latest growth indicator found that expansion in the three months to May reached its strongest rate since May last year.

As we move through the second quarter, growth has cranked up several gears and businesses expect that faster pace to continue. This supports our belief that the weaker-than-expected GDP growth in the early months of 2015 will be short-lived.

A stellar increase in activity in the business and professional service sector and retail sales bounding ahead are clear indications of strong business and consumer confidence and increased spending power.