Latest updates and stories from Bedfordshire Chamber of Commerce and its Members

Weak trade and manufacturing figures nudge down UK growth forecast

The British Chambers of Commerce (BCC) has today downgraded its UK GDP growth forecast, from 2.6% to 2.4% in 2015, from 2.7% to 2.5% in 2016, and from 2.7% to 2.5% in 2017.

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Strong service sector and consumer spending drive UK growth upgrade

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.

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2014 growth to reach seven year high with slowdown to follow

  • BCC upgrades 2014 GDP growth forecast from 3.1% to 3.2% - the highest growth rate since 2007
  • Growth forecast for 2015 upgraded from 2.7% to 2.8%, but remains unchanged for 2016 at 2.5%
  • First increase in official interest rates to 0.75% expected in Q1 2015
  • GDP growth will continue at a strong pace of 0.8% in Q3 2014
  • Exports of goods and services downgraded: from 1.9% to 0.8% for 2014, from 4.2% to 4.1% for 2015
  • John Longworth: “We must ensure the stellar growth in 2014 is not a flash in the pan”
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