The British Chambers of Commerce (BCC) has cut its GDP forecast for the UK, warning it faces its weakest year since the financial crisis, and has urged the government to focus on domestic businesses.
The 2018 forecast has been cut from 1.4% to 1.3% while next year's forecast has reduced from 1.5% to 1.4%. In the short term, quarter-on-quarter GDP growth in the second quarter of 2018 is expected to be 0.4%, up from 0.1% in the first quarter. The network also forecast inflation will continue to ease but is not expected to fall below its 2% target until 2020, while the next interest rate rise will take place in the fourth quarter of 2018 followed by a second in the second quarter of 2019. Reasons for the downturn were multitude including Brexit uncertainty, possible trade war t...
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