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The latest forecast from the CBI predicts UK economic growth will be less than half of that globally through to the end of 2019 and Insider.co.uk looks in more detail at this and the recently announced Industrial Strategy.

The UK's tepid 2017 economic performance is expected to continue for the next two years with growth of less than half of that forecast for the global economy as a whole.

The latest economic forecast from the Confederation of British Industry (CBI) predicts gross domestic product (GDP) for 2017 will come in at 1.5 per cent, versus 3.6 per cent globally. The group has currently pencilled in UK growth of 1.5 per cent for 2018, followed by 1.3 per cent in 2019.

The comparative global economic growth predictions are 3.7 per cent in 2018, and 3.4 per cent in 2019. On a quarterly basis, the CBI expects UK GDP growth of 0.3 per cent through to the end of 2019 - almost half the average rate seen since 2013.

Rain Newton-Smith, the CBI's chief economist, said the group expects domestic demand to remain soft as household spending comes under continued pressure. Meanwhile, Brexit uncertainty will weigh on business investment.

On a brighter note, there should be more support from net exports, buoyed by the lower pound and a resurgent global economy.

"The lacklustre rates of growth that we're expecting come against a backdrop of several years of persistently weak productivity, which is pushing down on the UK's supply potential," she said.

"The government's newly-announced Industrial Strategy can help address this challenge and boost living standards. But the recent White Paper is just a first step - consistency and determination is needed to make this a long-lasting success."

Newton-Smith said the Industrial Strategy will only deliver if the UK achieves a good Brexit. Progress with Brussels is therefore "vital".

"Failure or deadlock would have an immediate impact on people's lives - it's time to put people and prosperity above political point scoring," she said.

The CBI believes inflation on the CPI measure peaked this past October , but will remain above the Monetary Policy Committee's 2 per cent target throughout its forecast. However, with only lukewarm improvement in wage growth, living standards will remain under pressure.

As for potential increases in interest rates, the CBI is predicting a rise of 25 basis points in the third quarter of next year, followed by two further quarter-point rises in the second and third quarters of 2019.