The BCC has upgraded the UK’s growth forecast. A strong labour market in the UK has helped increase the growth prediction of the UK`s GDP.
The economy is expected to grow faster than expected according to the British Chambers of Commerce (BCC). It was originally forecasted to grow 3.1% and now it has been upgraded to 3.2%.
However the BCC has also expected lower UK exports which could ultimately effect long term growth.
Exports are key for a more stable economy, at the moment the UK relies heavily on consumer spending for growth. Strong international trade growth is going to be an important key factor if the UK is to continue with the economic growth.
The Bank of England has upgraded its growth forecast from 3.4% to 3.5%.
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