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BCC worried about UK economy

Despite the fact that the British Chamber of Commerce (BCC) is still forecasting growth of between 0.6% and 0.7% in the three months to the end of June 2010 there is concern about the short to medium term strength of the UK economy. The main components of this concern are the public sector, where budgets will be cut in the short to medium term, and pressure on prices as input costs continue to rise. There is also concern that the UK export market, while the main benefactors of a weak sterling, is starting to run out of steam.

The services sector will be a major element of any recovery in the UK economy but there are signs of a reduction in confidence in the short to medium term. Slowly but surely it seems that each and every part of the UK economy is being overcome by confidence issues with even the banking sector showing concern about the short to medium term outlook for mortgages and loans. Against this background it is not difficult to see why there are concerns about the UK economy going forward and even though the Bank of England is expected to maintain base rates at 0.5% for some time to come, this is not the answer.

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