BCC makes upward revisions to 2018, 2019 UK growth forecasts

The British Chamber of Commerce (BCC) revised up its UK economic growth forecasts for 2018 and 2019, in its latest reported published on Monday.

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The BBC raised its growth forecasts -- to 1.4 percent this year, from 1.1 percent, and to 1.5 percent in 2019, from 1.3 percent.

The BCC said the economy will remain among the worst performing in the Group of Seven until at least 2020.

Suren Thiru, head of economics at the BCC, noted: “Despite the upward revisions, our latest forecasts suggest that the U.K. is set for an extended period of sub-par growth -- a damning indictment of the state of the U.K. economy given the rapidly improving global growth outlook.”

“The UK economy as a whole should be performing better than it is, given robust and sustained global growth,” BCC director-general Adam Marshall said.

The BCC predicts Bank of England policymakers -- who announce their latest decision on Thursday -- will raise rates next quarter, followed by another increase in the first quarter of 2019.