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News - 5 September 2011

New growth forecast by British Chamber of Commerce

Publishing its new Quarterly Economic Forecast, The British Chambers of Commerce (BCC) downgraded its prediction for UK GDP growth in 2011 to just 1.1%. At the start of the year the business group said it expected the UK economy to grow by 1.9%, although this was later revised down to 1.3% in June.

The BCC also scaled back its 2012 forecast from 2.2% to 2.1%, although it predicted that UK GDP would strengthen to 2.5% in 2013.

BCC Director General David Frost said:

'The challenges faced by the UK economy are more difficult than first thought at the beginning of the year,' he added. 'Growth will be slow, inflation will remain high, and the number of those out of work will increase'.

Lavinia Newman of ABDS says:

'The Government was right to reduce the deficit, but such measures must be matched by policies to stimulate growth'.

If you need any help and advice on Business Financial Planning and Development, don’t hesitate, contact Lavinia Newman, Stuart Coleman or Tonmoy Kumar NOW to discuss how ABDS can help in all your Business planning.

ABDS Chartered Certified Accountants of Southampton.
Tel: 023 8083 6900  E-mail: abds@netaccountants.net

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