In its latest growth forecast, the BCC stated that although the economy will not expand this year, the contraction will only be 0.1 per cent – significantly better than the original 0.4 per cent predictions.
The main reason for this was the stronger than expected performance seen in the last quarter, with the London Olympic Games singled out as the driving force of the upturn.
John Longworth, director-general of the BCC, said: "As we wait in anticipation for the chancellor to deliver his Autumn Statement tomorrow, our new forecast highlights the challenges still facing the UK economy over the months and years ahead."
The BCC added that 2013 will see growth of one per cent, while 2014 is now predicted to bring a 1.8 per cent expansion of the economy.
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Posted by Wayne Bly
By: Salespeak News