Employee group cuts UK economic growth forecast, cites supply chain pain

Britain's economy looks set to grow more slowly than previously thought this year and in 2023 due to global supply chain problems and the government must encourage longer-term business investment, an employers group said on Monday.

The Confederation of British Industry cut its forecasts for economic growth to 6.9% in 2021 and 5.1% in 2022 from previous estimates of 8.2% and 6.1%.

It said the downgrade mostly reflected weaker growth since its last forecasts in June and the supply chain problems that have slowed the recovery from last year's coronavirus slump were likely to end in mid-2022.

With exports still