Ruth Mitchell

BCC cuts growth forecasts

Economic growth forecasts have been cut for the third time this year , with the economy expected to expand just 1.1 percent.

The BBC reports that the British Chamber of Commerce made the prediction because the rebalancing of the economy through business investment and exports is not happening fast enough.

The director general David Frost is now calling for the government to cut the burden of regulation to help businesses, whilst also continuing measures to reduce the budget deficit.

He also suggested that the Bank of England consider another round of quantitative easing to boost lending and the wider economy.

The Bank of England has also cut its growth estimates for the year, from 1.75 percent to 1.4 percent, a move which Governor Mervyn King has attributed to the deterioration of the global

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