The UK’s growth forecast has been downgraded today by the British Chambers of Commerce (BCC), who cited “global headwinds and uncertainty” facing the economy.

The BCC now expects the UK’s economy to grow by 2.2 percent this year, a downwards revision from 2.5 percent. Its growth forecast for 2017 was cut to 2.3 percent, with growth of 2.4 percent forecast in 2018.

However, services and consumer spending are expected to continue driving the UK economy.

Public’s inflation expectations drop

In other UK economic news, the British public’s expectation for inflation over the next 12 months fell to its lowest in more than 16 years, according to a survey released today by the Bank of England.

Amongst the 4000 people polled last month, the average expectation for inflation sunk to 1.8 percent, down from 2 percent in November 2015.

11/03/2016