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Uk Economy 'to Pick Up In Near Term'

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The British Chambers of Commerce (BCC) has upgraded its forecast for the UK's short term economic prospects, but said interest rates must be kept low to aid recovery.

And it warned the pace of growth may slow sharply when the impact of "tough" government measures kick in.

The business group expects gross domestic product (GDP) to grow by 1.7% this year and by 2.2% in 2011.

This compares with earlier predictions of 1.3% and 2.1%.

Figures on Friday suggested UK GDP grew 1.2% in the second quarter of 2010.

This figure, from the Office for National Statistics, was greater than initially thought and was boosted by a strong performance by the construction sector.

It represented the fastest rate of quarterly expansion recorded since the first three months of 2001, but most economists do not expect this level of growth to continue.

Later this year the government spending review will outline some of the cutbacks it intends to make as it tries to reduce the budget deficit.

The BCC predicted that "the coalition's austerity programme and worsening global background are likely to dampen Britain's medium-term prospects", saying economic growth would slow to 1.8% in 2012.

So the "experts" at the BCC have revised their guessing as it appears that there previous guess was going to be wrong and they'd look stupid.

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So the "experts" at the BCC have revised their guessing as it appears that there previous guess was going to be wrong and they'd look stupid.

The truth is that this "growth" was created by Labours scorched earth policy of spending before they were kicked out. It will quickly disappear as we have to pay down debt.

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  • 429 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?

      • down 5% +
      • down 2.5%
      • Even
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      • up 5%

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