Tag: British Chambers of Commerce

British Chambers of Commerce forecasts end to recession

British Chambers of Commerce forecasts end to recession

According to the British Chambers of Commerce’s quarterly economic survey gross domestic product will grow by 0.5 per cent in the third quarter, marking an end to the recession. The BCC is optimistic for growth in the third quarter despite the UK’s continuing weak economic performance. It says that data released by the Office for […]

October 2, 2012 More
UK may avoid double-dip recession

UK may avoid double-dip recession

News that the UK’s service sector grew more than expected last month has generated optimism that the economy could avoid falling back into recession. The Markit/CIPS Purchasing Managers Index (PMI) for the service industry increased to 55.3 in March, from 53.8 in February, with a reading of above 50 representing growth. Growth in the service […]

April 4, 2012 More
BCC cuts UK growth forecast

BCC cuts UK growth forecast

The British Chambers of Commerce (BCC) expects the UK economy to grow more slowly than previously forecast and says it faces “serious challenges”. In its quarterly economic forecast the BCC forecast growth of 0.6 per cent in 2012, a slight decrease from its previous forecast of 0.8 per cent. It expects the government’s efforts to […]

March 6, 2012 More
UK faces stagnation but may escape recession

UK faces stagnation but may escape recession

Britain’s economy stagnated in the final quarter of 2011 and is “very likely” to contract in the first half of 2012 according to the British Chambers of Commerce (BCC). The euro zone debt crisis caused the economy to stagnate in 2011 and it has failed to improve this year, with the survey suggesting that one […]

January 10, 2012 More
Manufacturing sector shows modest recovery

Manufacturing sector shows modest recovery

Official figures from the Office for National Statistics show a 0.2 per cent in UK manufacturing output in September, the first increase in four months. Compared with a year ago, factory output in September grew 2 per cent. However the figure excludes oil and gas, and mining, and when these sectors are taken into account, […]

November 8, 2011 More
BCC downgrades UK economic growth

BCC downgrades UK economic growth

The British Chambers of Commerce (BCC) has today said the fresh round of quantitative easing (QE) announced by the Bank of England last week may not be enough to prevent the economy from slipping back into recession and “more radical measures” are required. BCC Chief Economist David Kern said in an e-mailed statement in London […]

October 11, 2011 More
Weak UK factory output suggests poor start to Q3

Weak UK factory output suggests poor start to Q3

The Office for National Statistics (ONS) has today revealed UK factory output fell 0.3% in August on a monthly basis. The reading was worse than economists had expected and confirm weak prospects for the economy after the figures suggest a poor start to the third quarter. On an annual basis, meanwhile, factory output was 1.5% […]

BCC revises UK economic growth forecast

BCC revises UK economic growth forecast

The British Chambers of Commerce (BCC) has today revised its growth prospects for the UK economy. The lobby group is now forecasting growth of just 1.1% this year, down from its 1.3% forecast in June and much lower than the 1.9% it estimated at the start of the year. Meanwhile, it is expecting growth of […]

September 1, 2011 More
BCC survey reveals fragile economic recovery

BCC survey reveals fragile economic recovery

A quarterly survey by the British Chambers of Commerce (BCC) revealed that the UK economy was “fragile”. The BCC’s survey for the three months to the end of June showed a slow recovery and estimates that the economy grew by 0.3% in the period – slower than the 0.5% growth in the first quarter. Commenting […]

July 11, 2011 More
BCC revises growth prospects for UK economy

BCC revises growth prospects for UK economy

Leading business group, the British Chambers of Commerce (BCC), has downgraded its growth prospects for the UK economy. The BCC now expects the economy to grow by 1.3% this year, slightly lower than a previous forecast of 1.4%. The figures are much lower than the 1.7% expected by the Office of Budget Responsibility but are […]

May 30, 2011 More
Minimum wage to rise 15p an hour from October

Minimum wage to rise 15p an hour from October

It has been announced that the UK minimum wage will rise by 15p (2.5%) to £6.08 an hour from October 1, 2011 and is set to benefit almost 900,000 people. The 15p an hour rise applies to workers aged 21 and over. Meanwhile, the rate for 18 to 20-year-olds will increase by 6p to £4.98, […]

April 7, 2011 More
BCC survey suggests worrying outlook for UK economy

BCC survey suggests worrying outlook for UK economy

According to the latest Quarterly Economic Survey from the British Chambers of Commerce (BCC), the recovery remains fragile. The survey, which polled 6,000 firms, found that companies still face cash flow problems and 80% of manufacturers said the cost of raw materials means they are under pressure to lift prices. The manufacturing sector has been […]

April 5, 2011 More
BDO warns of premature interest rate rise

BDO warns of premature interest rate rise

Accountancy firm BDO has joined many other leading business groups by suggesting a premature interest rate hike could derail the economic recovery. According to the latest Business Trends report, BDO said a rise in interest rates would strengthen the pound and therefore, reduce export competitiveness, having a negative impact on manufacturing. The manufacturing sector, which […]

March 14, 2011 More
BCC urges Bank to keep rates on hold this month

BCC urges Bank to keep rates on hold this month

Leading business group, the British Chambers of Commerce (BCC), is urging the Bank of England not to increase interest rates this week. The Monetary Policy Committee (MPC) will commence its two-day meeting tomorrow and while many have called on the Bank to hike rates to combat stubbornly high inflation, the BCC is calling on the […]

March 8, 2011 More
BCC: Economic growth to slow in Q4

BCC: Economic growth to slow in Q4

The British Chambers of Commerce (BCC) has today warned of a fragile economic recovery in the UK with growth expected to slow in the final quarter of 2010. There has been suggestions that economic growth will be severely hampered because of the Government’s massive spending cuts. There is a possibility that the Bank of England’s […]

January 11, 2011 More
BCC survey reveals 2011 pay freeze for many companies

BCC survey reveals 2011 pay freeze for many companies

The British Chambers of Commerce (BCC) has revealed more than half of UK firms will either slash or freeze employee’s pay in 2011. The survey, which covered 450 businesses, found 45% of firms would give their staff a pay rise, 49% said they would freeze wages, while 6% said they planned to cut salaries. Companies […]

December 29, 2010 More
BCC revises its forecast for UK economic growth

BCC revises its forecast for UK economic growth

The British Chambers of Commerce (BCC) has revised its forecast for UK economic growth, in light of austerity measures, the euro zone debt crisis, the VAT hike and the weak housing market. Many experts and business organisations have said the tough austerity measures, introduced by the Government to trim the deficit, will undoubtedly hit growth. […]

December 5, 2010 More
BCC’s David Frost to stand down

BCC’s David Frost to stand down

October 27, 2010 More
BCC calls for more stimulus to withstand harsh cuts

BCC calls for more stimulus to withstand harsh cuts

The British Chambers of Commerce (BCC) today echoed other reports and suggested the Bank of England needs to inject more money into the economy, via its quantitative easing (QE) scheme. QE, also known as printing money, is a process whereby the Treasury injects funds into the financial system to ease pressure on banks by giving […]

October 12, 2010 More
BCC: Slow services sector activity could hamper growth

BCC: Slow services sector activity could hamper growth

A survey by the British Chambers of Commerce (BCC) has revealed the UK economy is likely to have grown in the second quarter but serious concerns remain. The lobby group, which surveyed 5,600 businesses across the country, is forecasting growth of between 0.6% and 0.7% for the three months to the end of June. However, […]

July 6, 2010 More