31 May '11, 4am

TODAY: Business lobby cuts UK growth forecast: The British Chambers of Commerce (BCC) cut its growth forecasts f...

The British Chambers of Commerce (BCC) cut its growth forecasts for this and next year yesterday, pointing to the impact of the government's tough fiscal policy and high inflation on consumers' ability to spend. The BCC reduced its forecast for GDP growth in 2011 to 1.3 per cent from a prediction in March of 1.4 per cent. It reduced its forecast for 2012 to from 2.3 to 2.2 per cent. The BCC also raised its forecasts for inflation and said that would lead the Bank to raise rates for the first time in August. The business lobby said the government's tough austerity measures to cut a record budget deficit, combined with higher than expected inflation, would squeeze disposable incomes, meaning economic recovery would be slow over the next 18 to 24 months. REUTERS

Full article: http://www.todayonline.com/Business/EDC110531-0000101/Bus...

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