Two major groups representing UK businesses have cut their expectations for economic growth after a faltering start to the year, but both are adamant that the economic revival is on a “firm footing”.

On Friday the British Chambers of Commerce (BCC) downgraded its estimate for 2015 from 2.7% to 2.3%. Today, the CBI also adjusted down from 2.7% to a slightly rosier 2.4%. Both blamed weak growth at the start of the year, caused in part by uncertainty over the general election.

The CBI, which represents some of the UK’s biggest businesses, pointed to a slight slowing of economic growth between January and March, but described it as a “temporary blip”. It said prospects were looking “healthy at home” but there are “headwinds” globally.

These potential threats include tentative growth across the Eurozone and fall-out from a possible Grexit – Greece’s inability to pay its debts and therefore exiting the European Union.

CBI director general John Cridland said: "Businesses on the ground are seeing a pretty solid recovery. Business investment is making a strong contribution to growth, while solid consumer spending is being underpinned by rock bottom inflation, low interest rates and rising incomes.

“Risks remain in the form of economic instability in Greece and a sluggish Eurozone, and clearly the EU referendum is a hot topic in Britain’s boardrooms. Businesses now have certainty that the referendum is happening, but not the outcome.”

But he added: “most of our members are clear they want to remain in a reformed EU and will get behind an ambitious reform agenda.”

Meanwhile, the BCC, which represents small businesses, said it saw positive signs in pay increases of 2.4% this year and 4% next, as well as a continued slide in unemployment over the next three years.

John Longworth, director general of the BCC, said: "Families around the country will be heartened to hear that average earnings are on the up and unemployment is falling.

“We forecast earnings growth will be significantly greater than inflation over the coming years. However, despite the progress in tackling unemployment, youth unemployment - while falling - will remain stubbornly high."