The historical building of the Bank of England, London, UK
While the leading business group expects that the UK economy will avoid a technical recession and return to modest growth in the third quarter, downgrading growth expectations for the UK in 2019 are 1.2 percent from 1.3 percent and to 0.8 percent from 1.0 percent for 2020.
2019 and 2020 reflect a weaker outlook for investment, trade and productivity amid a continued lack of clarity over the outcome of Brexit and deteriorating global economic conditions. Business investment is now forecast to decline by 1.5 percent in 2019 and by 0.1 percent in 2020. The UK’s net trade position is forecast to weaken over the period as companies face the combined headwinds of relentless uncertainty on the UK’s future relationship with Europe.
Suren Thiru, Head of Economics at the British Chambers of Commerce, said: “Our latest outlook indicates that the UK economy is set to stumble down an ever more sluggish growth path over the near term unless decisive action is taken.”
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