The British Chambers of Commerce (BCC) has today slightly downgraded its growth expectations for the UK economy, forecasting GDP growth for 2018 at 1.3% (from 1.4%)
Commenting on the labour market figures for June 2018, published today by the ONS, Suren Thiru, Head of Economics at the British Chambers of Commerce (BCC), said:
Chamber business leaders from across the United Kingdom have today written to the Prime Minister calling for a renewed focus on tackling the barriers to growth and investment in the United Kingdom - and a radical plan for action.
The British Chambers of Commerce (BCC), and the Association of German Chambers of Commerce (DIHK) have today called for UK and EU negotiators to put a clear focus on our shared economic interests as Brexit talks reconvene in Brussels.
Commenting on the inflation statistics for July 2017, released today by the ONS, Suren Thiru, Head of Economics at the British Chambers of Commerce (BCC), said:
The British Chambers of Commerce (BCC) has upgraded its UK GDP growth forecast for the next three years, from 2.3% to 2.6% in 2015, 2.6% to 2.7% in 2016, and 2.6% to 2.7% in 2017. The principal driver for the leading business group’s forecast upgrade is stronger than previously expected growth in both the UK’s service sector and consumer spending.
- The BCC's economic survey for Q2 2015 indicates continued UK economic growth, but highlights sharp differences between manufacturing and services.
- In services, the results remain broadly positive and signal growth.
- But in manufacturing, virtually all the key national balances recorded declines.
- BCC’s Quarterly Economic Survey is the first major economic survey of the quarter, and is closely watched by the Bank of England and the Treasury
- The results show that whilst the economy is still growing, it slowed in Q3. Manufacturing and export balances were down on the quarter.
As the Conservative Party Conference gets underway in Manchester, the British Chambers of Commerce (BCC) is today (Monday) issuing a clear message to the Prime Minister and his colleagues to ‘get moving’ on the delivery of pro-growth policies that will benefit the nation as a whole.