Businesses join the chorus of gloom over growth outlook

30th May 2011 from The Times

Government borrowing is likely to overshoot official forecasts this year and next amid lower than expected growth, according to a leading business lobby group. The British Chambers of Commerce has cut its growth forecasts to 1.3 per cent in 2011 and 2.2 per cent in 2012 from its March predictions of 1.4 per cent and 2.3 per cent.

The group said that while the Chancellor’s austerity plans would help the economy in the longer term, progress would be more sluggish than the Government’s Office for Budget Responsibility expects.  Public borrowing is likely to total £108 billion in 2012-13, some £7 billion higher than the OBR’s latest forecast.

Source
The Times:

Talk to us

Get in touch so we can discuss your business needs, or just fill out the form to receive regular updates.

Contact Us

Get updates