Advertisement

  1. National

Bank raises growth forecast

The Bank of England upgraded its growth forecast for 2013 from 1.4% to 1.6% today and announced "the recovery has finally taken hold". The moves comes after government figures showed unemployment had fallen by 48,000.

View all 12 updates ›

Sainsbury's boss: Customers still have less to spend

The CEO of Sainsbury's has warned that while the British economy may be seeing positive signs of recovery, individual consumers are still finding their purchasing power reduced.

"I think what we're seeing is lots of good signs of recovery for the economy," Justin King told ITV News, "whether it be lower inflation or job creation and so on."

"But as far as individuals are concerned, they're seeing low pay rises, they're still seeing inflation - it came down yesterday but it was still 2.2% - and so on average they've got less money to spend.

"So whilst it's good news to feel that you're living and working in a country where things are getting better, in the end it's what happens to you as an individual that's going to make a difference to your shopping habits."

More on this story