British Chambers of Commerce - BCC Economic Forecast: UK growth to reach seven-year high in 2014. The BCC upgrades its growth forecasts for the next two years.
The BCC is upgrading its GDP growth forecast from 2.8% to 3.1% for 2014 – the highest rate of growth since 2007We have also upgraded our 2015 forecast from 2.5% to 2.7% and our 2016 forecast remains unchanged at 2.5%. However, this is still a marked slowdown on the growth expected this year.The first increase in official UK interest rates to 0.75% is expected in Q1 2015 – two quarters earlier than previously forecastUK quarterly GDP growth will continue at a strong pace of 0.8% in Q2 2014 The British Chambers of Commerce (BCC) has today (Friday) upgraded its growth forecasts for the next two years – from 2.8% to 3.1% in 2014 and from 2.5% to 2.7% in 2015.
For 2016, our forecast is unchanged at 2.5%. With expected growth of 3.1% this year, it will be the first time since 2007 that annual growth has been above 3%. UK economic growth to fall to 2.4% in 2015, says EY Item Club. 19 October 2014Last updated at 19:04 ET The weak eurozone means export prospects look "dreadful", says the EY Item Club The UK economy will grow by 2.4% in 2015, well below the 3.1% growth expected this year, forecasting group EY Item Club has said.
It says the forthcoming election and accompanying political uncertainty will hold business back from investing. Small business growth: new support on offer. Most small businesses awarded Innovate UK funding from January 2015 will automatically receive business support to help them grow faster.
Why you should gear your small business towards growth in 2015. By Tom Kavanagh Updated: Jan 6, 2015 Published: Jan 6, 2015 2014 was another year of slow yet encouraging economic growth for the UK.
Whilst the unprecedented improvement witnessed in the first half of 2014 has slowed somewhat over the past few months, Britain is still expected to be the fastest growing G7 economy. The IMF has predicted a 3.2% overall rise, with the US registering a 2.2% increase in GDP. The global economic outlook for 2015 is positive; however the general consensus is that we aren’t out of the woods just yet. So what does this mean for small businesses and their growth prospects for the next 12 months?
One thing that’s certain is that any economic growth witnessed recently has been driven by the world of small businesses and start-ups, particularly in the tech and service sectors, so it is important that business owners are adequately prepared to take advantage of this upsurge. Access to funding and support. GROWTH WRITE UP. Autumn statement: Small business lending fund to cut borrowing costs. The chancellor said the National Loan Guarantee Scheme would reduce borrowing costs for business by 1%.
Photograph: Tim Graham/Tim Graham/Getty Images Small businesses may be only £34 a month better off from George Osborne's plan to hand out £20bn of government guaranteed loans under the credit easing programme he announced in the autumn statement. IMF cuts Britain's growth forecast to 1pc. The nine-strong committee voted unanimously to hold interest rates at 0.5pc, while it was split 8:1 over quantitative easing, with David Miles overruled in his vote to extend the £375bn asset purchasing programme by £25bn.
Bank of England cuts UK growth forecast. The Bank of England's governor Sir Mervyn King hinted at further action to boost the ailing UK economy on Wednesday after the Bank slashed its 2012 growth forecast to zero and said inflation was under control.
King said there was no urgent need for fresh stimulus, but signalled more money creation through the Bank's quantitative easing (QE) programme in response to an economic performance that has "continually disappointed expectations of a recovery". Against a backdrop of a worsening crisis in the eurozone and tighter lending conditions imposed by UK banks, the Bank's quarterly inflation report cut its growth forecast for 2012 from the 1.25% pencilled in three months ago and believes the bounce-back next year will be weaker than previously anticipated. European commission predicts UK recovery in 2013. The European commission on Wednesday forecast that George Osborne is likely to miss one of his key debt targets unless he takes action in next month's autumn statement – but also predicted that a struggling Britain would be the fastest growing of Europe's big five economies next year as it pencilled in a further year of stagnation for the austerity-hit nations of the single currency.
With some in the City expecting the Bank of England to announce fresh stimulus measures to boost demand on Thursday, the European commission said a contraction of 0.3% in the UK economy this year would be followed by 0.9% expansion in 2013. The commission said, however, that it expected Germany, France, Italy and Spain to perform even less well than the UK next year, with the 17-nation eurozone eking out expansion of just 0.1% in 2013.