BCC made its forecast for faster economic growth in the UK
The British Chamber of Commerce (BCC), has said that the economy of UK will grow with a faster pace in this year but it has also mentioned about the fears of double-dip recession as the unemployment rate of the country is raising because of the various government cuts such as spending cuts and public sector job cuts.
The UK economy saw its fastest growth in almost last ten years in the spring, so BCC has revised up its previous growth forecast of 1.3% to 1.7% for the next quarter.
But BCC has also warned about a sharp slowdown in economic growth which would come in the first three months of next year as the VAT and spending cuts are rising.
According to the chief economist of BCC, David Kern if the deficit cutting scheme announced in the emergency budget is implemented successfully then the economy of UK will be stable and healthy.
But he has also said that cutting the deficit in a huge manner at an accelerated pace will never going to be easy and it will increase the dangers of double dip recession.
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