British Chambers of Commerce had cut its 2022 GDP growth forecast from 3.6% to 3.5%, and has forecast inflation to 10% in the final quarter of the year.
Investment growth expectations cut from 3.5% to 1.8%
Alex Veitch, the group's director of policy, said
- "the headwinds facing the UK economy show little sign of reducing
- The war in Ukraine came just as the UK was beginning a COVID recovery, placing a further squeeze on business profitability,
- The forecast drop in business investment is especially concerning
- We forecast that, if trends continue, inflation will only return to the Bank of England's target rate at the end of 2024"
