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BCC warns of ‘flash in the pan’ UK recovery

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28/08/2014
The British Chambers of Commerce (BCC) has upgraded its UK GDP forecast for 2014 but cautioned the recovery may be short-lived unless exports bounce back.

In its Q3 update, the BCC said it expects the UK economy to grow 3.2 per cent this year and by 2.8 per cent in 2015, up from forecasts of 3.1 per cent and 2.7 per cent three months ago.

However, those figures, driven by higher consumer spending, were accompanied by a halving of its forecast for export growth, to 0.8 per cent.

The Bank of England, by contrast, continues to predict 2.25 per cent growth for the export sector this year.

“The task at hand is to ensure that the stellar 2014 growth is not a flash in the pan,” said BCC Director-General John Longworth. “A strong international trade performance is key if we are to steer away from a reliance on consumer spending.”

 

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