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News - 29 August 2014
John Longworth

British Chambers of Commerce upgrades UK economic growth forecast

The business lobby group predicts that, thanks a stronger labour market and enhanced estimates for GDP growth, the UK economy will grow faster than expected this year and next.

The British Chambers of Commerce [BCC] had predicted growth of 3.1% in 2014 but now expects the UK economy to grow by 3.2%. Earlier this month the Bank of England upgraded its growth forecast for this year to and even more optimistic 3.5% from 3.4%.

In addition to a better-than-expected 2014 estimate, the BCC also revised its estimate for 2015 growth up from 2.7% to 2.8%.

However the BCC report was not all good news with a prediction of weaker UK exports which could affect long-term growth. It revised its predictions for UK export growth down from 1.9% to 0.8%.

BCC director general John Longworth said, "We must ensure the stellar growth in 2014 is not a flash in the pan. We need to invest and export more, innovate, and build."

The estimate of 3.2% GDP growth is well above the 2.7% forecast by the independent Office for Budget Responsibility which informs government decision making.

Read related items on:
Economic growth
British Chamber of Commerce

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