Recovery 'too reliant on consumer debt' as BCC downgrades forecast
by Heather Stewart from Economics | The Guardian on (#X390)
Economic growth for year forecast to be 2.4%, down from 2.6% estimate, with lack of exports and investment cited by experts
Britain's economic recovery remains too reliant on debt-fuelled consumer spending, a leading UK business organisation has warned, as it downgraded its growth forecasts in the face of a manufacturing slowdown.
The British Chambers of Commerce (BCC) said on Wednesday that it expected economic growth for this year to be 2.4%, down from the 2.6% it was expecting three months ago; and for 2016 its forecast has been revised to 2.5%, down from 2.7%.
Related: Consumer spending rise troubles Bank of England
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