BCC warns of 'flash in the pan' UK recovery

clock

The British Chambers of Commerce (BCC) has upgraded its UK GDP forecast for 2014 but cautioned the recovery may be short-lived unless exports bounce back.

In its Q3 update, the BCC said it expects the UK economy to grow 3.2% this year and by 2.8% in 2015, up from forecasts of 3.1% and 2.7% three months ago. However, those figures, driven by higher consumer spending, were accompanied by a halving of its forecast for export growth, to 0.8%. The Bank of England, by contrast, continues to predict 2.25% growth for the export sector this year. "The task at hand is to ensure that the stellar 2014 growth is not a flash in the pan," said BCC Director-General John Longworth. "A strong international trade performance is key if we are to steer a...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Economics / Markets

Why investors 'can't outrun' slow-moving demographics

Why investors 'can't outrun' slow-moving demographics

'Demographic change is a key megatrend'

Darius McDermott
clock 07 March 2024 • 5 min read
Spring Budget 24: Ten key takeaways from Jeremy Hunt's speech

Spring Budget 24: Ten key takeaways from Jeremy Hunt's speech

British ISA, Office for Budget Responsibility, tax cuts

Valeria Martinez
clock 07 March 2024 • 4 min read
Spring Budget 24: Chancellor unveils long-term UK growth plan

Spring Budget 24: Chancellor unveils long-term UK growth plan

Includes British ISA launch and further NI cut

clock 06 March 2024 • 1 min read