BCC upgrades short-term economic prospects in UK

02/09/2010

The British Chambers of Commerce (BCC) has published its latest Economic Forecast.

In it, the organisation has raised its expectations for UK growth domestic product growth to 1.7 per cent in 2010, and to 2.2 per cent next year.

Despite the optimistic long-term outlook from the BCC, the group expects the budget deficit reduction measures to affect growth in the medium term.

In June this year, the BCC Economic Forecast predicted growth of 1.3 per cent this year and two per cent growth next year.

Commenting on the forecast, the BCC's director general David Frost said: "There must be a relentless focus on ensuring that business is able to deliver growth and create employment. We need policies that rebalance the economy towards wealth-creating businesses, and enable the private sector to invest, export and create new jobs. Failure to get this right poses the biggest risk to recovery."

The BCC is the national body which represents chambers of commerce across the UK, offering services, information and advice to its members.

Posted by Richard Smart