UK economy to grow by 3.1%, while drugs and vice add £10bn to GDP

The economy is set to grow quickly over the coming months according to both the CBI and the British Chamber of Commerce (BCC).

The BCC has revised its growth figures for 2014 up from 2.8%, to 3.1%, which would put the economic growth rate up to its highest levels since 2007.

The CBI has also released figures painting a rosy picture for the near future and has reported record growth for May - the organisation’s highest recording since it began gathering data in 2003, the BBC reports.

CBI deputy director-general Katja Hall said the progress was due to increasing confidence in the UK economy, easier access to credit, and better global economic conditions.

Meanwhile, the latest figures from the Office for National Statistics show that the British appetite for illegal drugs and prostitutes, which has hitherto been unrecognised as an economic measure, is set to give the economy a £10bn boost when revisions to how GDP is calculated come into force in September.

The changes will add up to 5% to the British economy, according to the FT, and will have a considerable impact on our understanding of recent economic history. The UK will join Finland, Sweden, Norway, Estonia, Austria, and Slovenia in adding prostitution and illegal drugs to its GDP.

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