Business group ups UK growth forecasts for the next two years
The British Chambers of Commerce (BCC) has upgraded its growth forecast for British GDP for the next two years, based on better-than-expected growth in household consumption and services. It now predicts that GDP growth will be 2.7 per cent this year, and 2.6 per cent next year.
The BCC also expects that GDP growth in the first quarter of 2015 will increase to 0.7 per cent, compared with 0.5 per cent in the last three months of 2014. John Longworth, the director general of the BCC, said: “We are upgrading our UK growth forecasts for 2015 and 2016 because businesses up and down the country are doing well – despite international and domestic uncertainty.”
A Treasury spokesman responded: “The BCC are right to say the job is not yet done, so we must keep working through the plan that is delivering economic security in an uncertain world economy.”