British Chamber of Commerce concerned about UK economy
The British Chambers of Commerce (BCC) is growing more concerned about the threat of a double dip recession in the UK with immediate worries regarding the strength of the UK recovery in 2011. While the association has reiterated its 1% growth forecast for 2010 it is has revised its 2.3% forecast for 2011 down to 2.1% citing concerns about a double dip recession which it believes is more likely than a renewed threat of higher inflation.
It is the complex financial situation in the UK which is causing concern with UK government finances still in a mess and many businesses struggling to obtain funding in the short to medium term to survive. There is also the impending increase in both personal and corporation tax in order for the UK government to replenish funds and the expected £178 billion budget deficit for the 2009/10 tax year.
Even though the news on the UK economy has been very encouraging of late there is concern among analysts that the firm foundations required for growth in the medium to longer term have yet to materialise and an economic situation such as the Greece debacle could knock the UK economy out of its stride.
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