Recently, British Chambers of Commerce has stated that most of the companies have started to place resources for several emergency plans. The BCC further stated that it is very important for companies to focus more on economic growth. Due to high stockpiling, during earlier months of 2019, the growth forecast by BCC has been slightly upgraded. Moreover, the report released by BCC further stated that the growth will get subdued during 2020–21.
As per the revised report provided by BCC, the expected growth rate of UK has been expected around 1.3%. Earlier the growth rate was expected about 1.2%. Moreover, BCC has stated the growth rates for 2020–21 to be 1.0% and 1.2%. Earlier those growth rates were expected to be 1.3% and 1.4%.
While addressing the press, one of the spokesperson of BCC stated that due to uncertainty over Brexit, even the short term investment is suffering by huge margin. The spokesperson further stated that instead of investing money in new ventures, business houses are investing capital in stockpiling.
While giving an exclusive interview to the press, Suren Thiru said that due to revision of previous report it is clear that UK will suffer a degraded growth during upcoming future. He further stated that already the economy is dealing with low future prospect in investment and business dealing but Brexit uncertainty will worsen the situation. He also showcased his concerns over business investment as it will limit long term growth and production potential of the country.
During the press event, Suren Thiru also stated that he may leave European Union on October 31, 2019. Thiru further said that due to the present disruption UK’s growth will suffer in the upcoming future. He also said that if the trend will continue then there is a possibility that the future growth of the country might deteriorate further.