The BCC have said that as a result of the 0.3 percent fall in GDP during the first quarter of 2012 coupled with continued troubles in the Eurozone will keep GDP growth in the UK at minimal levels for the remainder of this year.
As a result, during the latest Quarterly Economic Forecast report from the BCC, which follows official figures published earlier this year that revealed the UK has fallen back into recession, the group – who represent over 100,000 businesses – have cut their forecast from 0.6 percent to 0.1 percent.
However, they have increased their economic forecast for the following year from 1.8 percent to 1.9 percent; showing a glimmer of hope for the economy.
Following the release of the latest data, the BCC director-general, John Longworth, called for more “enterprise friendly” action from the government, as well as the creation of a business bank to provide capital for small businesses.
Mr Longworth has also warned that without action the economy will “bumpy along the bottom” for longer than expected, adding: “We need growth and we need it now.
“If the government works together with the private sector to create the right environment over the long term, we'll be able to prove once and for all that bold businesses can propel us forward out of stagnation and firmly on the road to recovery.”
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