UK economy gains on stronger investments

LONDON: The UK recovery is gaining traction as business investment helps growth broaden, EY’s Item Club said in its latest forecast.

Gross domestic product (GDP) will increase 3.1% in 2014, the London-based accounting firm said, revising up a forecast of 2.9% published in April. That puts Britain on track to be the fastest growing economy among the Group of Seven nations this year with the balance of growth shifting to business investment from consumer spending.