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05/03/2012
UK Economy Faces 'Serious Challenges'
The economy is still facing "serious challenges", and it is predicted that unemployment will increase to almost three million next year.
According to research by the British Chambers of Commerce (BCC) debt levels are still too high and they have downgraded their prediction for UK GDP growth in 2012 to 0.6% (from 0.8%) - lower than GDP growth in 2011 of 0.8%.
Although growth will be slower in 2012 than the previous year, BCC’s forecast predicts growth of 1.8% in 2013, when prospects will improve.
Meanwhile the organisation also claims that a double-dip recession will be avoided, but that the Chancellor must “pull out the stops” to enable businesses to drive growth in the UK.
(LB/GK)
According to research by the British Chambers of Commerce (BCC) debt levels are still too high and they have downgraded their prediction for UK GDP growth in 2012 to 0.6% (from 0.8%) - lower than GDP growth in 2011 of 0.8%.
Although growth will be slower in 2012 than the previous year, BCC’s forecast predicts growth of 1.8% in 2013, when prospects will improve.
Meanwhile the organisation also claims that a double-dip recession will be avoided, but that the Chancellor must “pull out the stops” to enable businesses to drive growth in the UK.
(LB/GK)
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