Saturday, September 18, 2021

BCC issues gloomy forecast for 2017

The British Chambers of Commerce (BCC) has warned of a slowdown in growth next year as trade uncertainty looms.

Following Brexit the economy has remained resilient and growth is expected to be 2.1 per cent this year, up significantly from the BCC‘s original forecast of 1.8 per cent following the result.

Despite this the BCC, which represents over 100,000 businesses and retailers, issued a stark warning that growth would slow considerably next year predicting just 1.1 per cent.

This would mark the weakest annual rate of growth since the financial crash of 2008, stoking fears of another recession.

READ MORE: Brace yourselves, inflation is coming

Consumer spending is expected to fall significantly as inflation begins to reach the shelves, sparked by the 15 per cent devaluation of the pound.

BCC director Dr Adam Marshall has called on the government to clarify the fate of EU workers in the UK in an effort to end uncertainty facing many staff and retailers.

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