UK DATA: BCC: UK 2011 Growth Forecast To 1.9% Vs…..

UK DATA: BCC: UK 2011 Growth Forecast To 1.9% Vs 2.2% Prior
–BCC Cites Austerity, House Mkt, EMU Crisis For Cut In Fcast
–BCC Hikes UK 2012 Growth Forecast To 2.1% Vs Previous 1.8%
–BCC Cites Austerity, House Mkt, EMU Crisis For Cut In Fcast
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The British Chambers of Commerce have cut their forecast for UK economic
in 2011 to 1.9% from 2.2% but raised its forecast for 2012 to 2.1% from
1.8%.The BCC’s forecast for growth this year remains unchanged at +1.0%.
“The downward revision to the 2011 growth forecast reflects the BCC’s
assessment that the negative impact of the Government’s austerity plan
will initially be more serious than previously envisaged.”The BCC also
cited lower house prices and other signs of financial fragility in the
UK household sector as well as the worsening Eurozone debt crisis. The
latter would “also dampen UK growth prospects next year more than
formerly expected”.