British Chambers of Commerce cuts economic growth expectations
by David Milliken,
2016-03-11 11:29:37.0
LONDON — The British Chambers of Commerce cut its forecast for economic growth on Friday, blaming a weaker global economy, and said the country’s performance was lacklustre compared to the past.
Gross domestic product was forecast to rise 2.2% this year and 2.3% in 2017, similar to growth in 2015 and down from forecasts of 2.5% for 2016 and 2017 made in December.
"The UK’s economic performance is reasonably good when measured against our main competitors, but it’s only mediocre when compared against long-term trends," the chambers’ acting director-general, Adam Marshall, said.
Other forecasters have made similar downgrades since the start of the year, and economists polled by Reuters last month on average forecast growth of 2.2% in 2016 and 2017.
The chambers urged finance minister George Osborne to use next week’s annual budget statement to boost investment in transport and digital infrastructure, and made no mention of the UK’s June 23 referendum on European Union (EU) membership.
Director-general of the British Chambers of Commerce John Longworth quit this week after saying he wanted to leave the EU, which the chambers’ president said breached the body’s neutral position on the EU.
Reuters
Cranes are used to unload a bulk carrier at the Tate and Lyle sugar refinery in front of London's financial district of Canary Wharf. Picture: REUTERS
LONDON — The British Chambers of Commerce cut its forecast for economic growth on Friday, blaming a weaker global economy, and said the country’s performance was lacklustre compared to the past.
Gross domestic product was forecast to rise 2.2% this year and 2.3% in 2017, similar to growth in 2015 and down from forecasts of 2.5% for 2016 and 2017 made in December.
"The UK’s economic performance is reasonably good when measured against our main competitors, but it’s only mediocre when compared against long-term trends," the chambers’ acting director-general, Adam Marshall, said.
Other forecasters have made similar downgrades since the start of the year, and economists polled by Reuters last month on average forecast growth of 2.2% in 2016 and 2017.
The chambers urged finance minister George Osborne to use next week’s annual budget statement to boost investment in transport and digital infrastructure, and made no mention of the UK’s June 23 referendum on European Union (EU) membership.
Director-general of the British Chambers of Commerce John Longworth quit this week after saying he wanted to leave the EU, which the chambers’ president said breached the body’s neutral position on the EU.
Reuters
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