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British Chambers of Commerce improves forecast for UK economy

The British Chambers of Commerce has today released a revised forecast for the UK economy with a suggestion it will grow by 1.1% in 2010 which is almost double the former forecast of 0.6% growth for 2010. This near doubling of the expected growth has occurred in just three months which would leave many people to assume that the UK recovery is well and truly underway and well underpinned?

However, in the same press release the British Chambers of commerce is also suggesting there is a significant risk of a relapse in 2010. It is easy to get carried away in the heat of the moment amid suggestions that the recession is over and the UK economy is firmly back on the growth track. However, in reality this is not the case as we see the UK budget deficit balloon and UK national debt now well over £1 trillion. Against this background it is difficult to see how the UK government, whoever that may be, can avoid substantial tax increases for the foreseeable future without impacting upon the economic revival and economic well-being of the UK.

Even though the good news is getting better there are many caveats and warnings about the short to medium term outlook and the need to avoid complacency.

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