British Chamber of Commerce Optimistic About UK Economy

The UK economy will finally surpass its pre-recession peak next year, says the British Chambers of Commerce (BCC).

The UK’s economic output peaked in the first quarter of 2008. The BCC says it expects the economy to surpass that level in the second half of 2014.

It also says that the UK’s GDP is now set to grow by 2.7% in 2014, an upgrade from a previous prediction of 2.2%.

BCC head John Longworth welcomed the improvement but warned that longer-term problems were “still looming”.

Mr Longworth said: “It is really great that next year the UK economy is finally expected to bounce back from the deepest recession in modern times.”

But he added: “As household consumption slows in the medium term, we have to find ways of boosting business investment and exports, as rebalancing our economy is critical to our long-term economic future.

“If we make important decisions to fix the long-term structural failure in business finance, continue to deliver a major infrastructure upgrade and do more to support exports, it is possible to achieve not just a good recovery, but a truly great and sustainable economy.”

via BBC

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza