BRITISH Chambers of Commerce predicts the UK will, by 2020, have experienced its second-weakest decade of average annual growth on record, and has cut its forecasts of expansion for this year and 2019 amid Brexit uncertainty.
And it called for swift clarity on the UK’s future immigration policy.
Adam Marshall, director general of British Chambers, said: “Despite strong performances by some firms, the UK economy as a whole is set to grow at a snail’s pace. Brexit uncertainty continues to weigh heavily on many firms, as most of the practical questions facing trading businesses remain unanswered. The lack of precision on the nature of the UK’s future relationship with the EU is lowering expectations for both business investment and export growth.”
He warned: “The drag effect on investment and trade would intensify in the event of a ‘messy’ and disorderly Brexit.”
British Chambers has today cut its forecast of UK gross domestic product growth in 2018 from 1.3% to 1.1%. It now predicts growth of 1.3% in 2019, having projected expansion of 1.4% previously.
Mr Marshall said: “Our forecast makes clear that there is no room for ministers to kick the can further on the UK’s future immigration policy.
“Businesses need to know, now, that they can hire the people they need after Brexit – without being tied up in reams of new costly red tape.”
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