BCC warns 'hasty' rate rise could derail recovery

clock • 2 min read

The British Chambers of Commerce (BCC) has warned the government against "prematurely" raising interest rates as its latest quarterly economic survey suggested challenges remain for the UK's recovery.

Director general of the BCC John Longworth said the UK "cannot afford populist decision-making" that could undermine its long-term success. The business network's latest quarterly economic survey covering Q2, which collates the views of some 7,000 UK businesses and is monitored by the Bank of England and Treasury, showed most of its key balances had fallen back from an "unexpected" surge seen in Q1. For example, every BCC export and investment balance fell in Q2, for both manufacturing and services. In its most recent economic forecast, the BCC predicted quarterly GDP growth for Q2...

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