The British Chambers of Commerce cut its forecast for economic growth this year ...
LONDON - The British Chambers of Commerce cut its forecast for economic growth this year and 2020 on Monday, blaming a slower global economy, U.S.-China trade tensions and the persistent drag from Brexit.
The BCC’s new 2020 prediction is well below the average 1.1% forecast for next year in a Reuters poll of economists, and would represent the slowest growth since the 2008-09 recession. Prime Minister Boris Johnson has promised to take Britain out of the EU on Oct. 31, without a transition deal if necessary, but parliament has ordered him to delay Brexit if he cannot negotiate a new deal with Brussels next month.
Brexit uncertainty was hitting business investment - which was heading for its longest period of full-year declines in 17 years - and gains in productivity, limiting future rises in living standards, BCC economist Suren Thiru said.
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