British Chambers of Commerce has raised its UK growth projections for this year and 2014, but trimmed its forecast for expansion in 2015 because of an anticipated impact of high personal debt levels on consumer spending.
Publishing its latest economic forecasts today, British Chambers cites a need for an improvement in business investment and exports, highlighting the extent to which consumer spending and a stronger performance by the housing market have been driving the recovery so far.
British Chambers has raised its forecast of UK growth in 2013 as a whole from 1.3% to 1.4%. It has increased its projection of expansion in 2014 from 2.2% to 2.7%. However, it has cut its forecast of growth in 2015 from 2.5% to 2.4%.