The British Chambers of Commerce (BCC) has today upgraded its growth forecasts for the next two years – from 2.8% to 3.1% in 2014 and from 2.5% to 2.7% in 2015. For 2016, their forecast is unchanged at 2.5%.
With expected growth of 3.1% this year, it will be the first time since 2007 that annual growth has been above 3%. The BCC continue to believe that GDP will exceed its Q1 2008 pre-recession peak in Q2 2014.