BCC Q3 economic forecast
Date published:
Today, 2 September, the British Chambers of Commerce (BCC) released their economic forecast for quarter 3, calling for the new Prime Minister to act as they expect the UK economy to enter recession before the end of 2022. BCC is also predicting inflation will peak at 14% and weakness in growth may to continue into 2024.
Find the full BCC forecast here.
The Chamber’s director of policy and representation has taken a look at what the BCC’s forecast means for the North East, and what we need to see from government to support businesses during this period:
“The British Chamber of Commerce latest quarterly economic forecast will not surprise businesses in the North East. Our members talk to us daily about the impact of rising costs and slowing growth.
“In partnership with the British Chamber of Commerce we’re urging the Government to act now on our new five point plan to tackle the cost-of-doing business crisis. Introducing a temporary cut in VAT to 5% to reduce energy costs and Emergency Energy Grants for SMEs would make a real difference quickly. We’re also working with members across education, housing and the wider public and voluntary sector on practical, local action to help safeguard families and households most at risk.
“Taking these actions now will help maintain business and consumer confidence and protect the most vulnerable in our communities. We look forward to working with the new Prime Minister and leadership team next week on these joint plans of action.”