UK economy heading for worst year in almost a decade, predicts business group

There have been further warnings of a weakening of the UK economy, as we approach Brexit.

This time the British Chambers of Commerce (BCC) predicts gross domestic product (GDP) will increase 1.3 per cent in 2018, a downgrade from its previous forecast of 1.4 per cent.

It has also sliced its 2019 GDP outlook from 1.5 per cent down to 1.4 per cent.

Adam Marshall, director general of the BCC said the UK faces another “extended period of weak growth”.

He said: “With firms facing ongoing Brexit uncertainty, increasing global protectionism and instability in some parts of the world that will impact on costs and profits, now is the time for more robust action to support business confidence and investment.

“Brexit cannot be Westminster’s only priority. Businesses across the country want to see far more urgency around fixing the fundamentals here at home and a concerted effort to lower the high costs of doing business.

“The next few years are set to be a testing time for business in the UK. What firms and their employees need is much more visible evidence that ministers are committed to getting the basics right – which would enable business in turn to invest, take risks and grow.”

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