Orange & Gold Blog

UK Economy back to pre-recession levels by the summer

 

The British Chambers of Commerce has recognised the gathering pace of the recovery by stating that it believes UK PLC will be back to pre-2008 levels by the summer of this year.

 

The BCC has upgraded its GDP growth forecast for 2014 to 2.8% and said that it doesn't expect interest rates to rise until late 2015. The Institute of Chartered Accountants has upgraded its growth forecast to 3.3%.

 

The BCC raised a note of caution, as have many other commentators, over the fact that the recovery has been substantially dominated by consumers and house prices, that greater exports and business investment are required and that youth unemployment persists. However, both the BCC and the Institute of Chartered Accountants reckon business investment will grow by around 7% in 2014.