BCC revises UK GDP forecasts lower

The British Chamber of Commerce (BCC) has revised the UK GDP forecasts lower as the Brexit uncertainty is likely to hurt business investment. 

BCC now sees the economy expanding 1.5 percent in 2017 vs. 1.6 percent previous. The 2018 and 2019 GDP forecasts have been trimmed to 1.1 percent (from 1.2 percent) and 1.3 percent (from 1.4 percent), respectively. 

Adam Marshall, BCC director general, said, “despite last week’s deal, Brexit uncertainty still lingers over business communities, and is undermining many firms’ investment decisions and confidence. Despite pockets of resilience and success, and strong results for some UK firms, the bigger picture is one of slow economic growth amid uncertain trading conditions.”