Confederation of British Industry cuts outlook for economic growth

The CBI reduced its 2015 growth forecast to 2.4% and its 2016 forecast to 2.6%, both 0.2 percentage points lower than its previous forecasts in August, though still a bit better than average for the British economy.

“Manufacturers are enduring tougher conditions as a persistently-strong pound is hamstringing our export competitiveness,” said CBI director-general John Cridland.

“But our domestic story is strong and overall we are now in a phase of stable but solid economic growth.”