Growth forecast reduced

Economic Forecast: BCC 

  • BCC downgrades its growth forecasts: from 1.0% to 0.6% in 2013, and from 1.8% to 1.7% in 2014
  • Prospects should improve in the medium term: in 2015, BCC forecasts growth of 2.2%
  • Unemployment forecast is 50,000 lower than in December
  • Public sector borrowing is forecast at £89.7bn in 2012/13, £9.2bn higher than the OBR predicted in December 2012
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