BCC: UK economy growth at fastest since 2007
FXBAZOOKA.com - Great Britain's economy will grow at its fastest pace since 2007 this year, the British Chambers of Commerce (BCC) said. BCC upgraded its 2014 UK GDP forecast from 3.1% to 3.2%. The 2015 forecast was also revised up from 2.7% to 2.8%. However, the body expects growth to slow in 2016 with economy growing by only 2.5%.
"Our forecast confirms that Britain has become one of the fastest-growing developed economies. We are leading, rather than following, other major economies when it comes to short-term growth," BCC says.
However, the assosiation warns: the economy is too reliant on consumer spending to accelerate GDP growth. The government has to support investment and exports.