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Five things you need to know about UK Plc

The UK economy appears to be brimming with confidence as two influential business lobby groups say investment this year is higher than 2013.

The employers group, the Confederation of British Industry and the British Chambers of Commerce have both come out with positive reports on the UK economy.

The BCC upgraded its UK 2014 growth forecast from 2.8 percent to 3.1 percent, that would be higher than pre-crisis levels. If realised the new growth forecast would see growth in the UK above three percent from the first time since 2007.

Retail and services were the strongest sectors in Q2. Services is the sector identified by the BCC as the main driver of growth for the next three years.

In light of its renewed positive forecast, the BCC predicts that the first interest rate rise by the Bank of England will come in Q1 next year, two quarters earlier than previously forecast.

00:48 minutes
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