Economic mixed picture

Author: 
Caroline Williams, Chief Executive, Norfolk Chamber of Commerce

I would like to share with you the Chamber network’s March 2013 economic outlook  based on data released during February.

 

The bottom line is that ultimately February's data releases mirrors our view that the UK economy will improve slowly over the medium term and entering a new recession is unlikely at this stage.

However, any recovery will be slow by historical standards. Although the downgrade in the UK's credit rating is unlikely to have a significant impact on the UK economy, it will increase the pressure on the Chancellor to use the Budget to deliver measures to boost growth.

Key headlines:

• Economic growth for 2012 revised up, but the outlook for the UK economy weakens
• Jobs market improves once again, but public finances remain in a poor state
• BCC cuts economic growth forecast for 2013 and 2014, but 2015 revised up

Full details can be found below
 

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