Business group says growth will be subdued over the next two years but increases forecasts after strong 2016

Business group the CBI has warned the UK economy will shift down a gear as Brexit talks get under way and households are squeezed by rising prices.

However, the cautious outlook was accompanied by an increase in the CBI’s growth forecasts for this year and next, due to a stronger than expected performance in 2016 when the economy defied expectations to grow strongly in the wake of the vote.

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