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UK's current GDP growth rate won't last, warns business body

Monday, Dec 12 2016
UK's current GDP growth rate won't last, warns business body

"The business as usual" approach taken by many firms following the Brexit vote has helped boost UK growth this year, but it will not last, the British Chambers of Commerce (BCC) has warned. The business body expects GDP to grow by 2.1% this year, up from the 1.8% it forecast just three months ago. But uncertainty over the UK's EU relationship and higher inflation will "dampen medium term growth," it said. It expects the UK's economy to grow by 1.1% next year, and by 1.4% in 2018.

A separate report on business conditions from accountancy and services group BDO found business output rose for the first time in November after 17 months of decline. It said this suggested that "for now" the UK economy had stabilised "in a lower gear" than it had been running at before the referendum. However, it said, business optimism was continuing to fall, and it expected "a bumpy road ahead in 2017 for British businesses and the economy".

 

Sterling is currently being traded around 1.2650 level. Pair is likely to find support around 1.26 handle and resistance above 1.27 area.

Source: bbc.co.uk

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