The British Chambers of Commerce (BCC) lowered its economic growth forecasts for this year and called on the government to initiate measures aimed at boosting growth.
In its latest Quarterly Economic Forecast, the group said it expects the economy to grow 0.1 percent in 2012, weaker than 0.6 percent estimated previously.
However, it lifted the growth forecast for 2013 to 1.9 percent from previously forecast 1.8 percent.
BCC director-general John Longworth called for more action from the government to support growth. If the government fails to act now, the economy will continue to "bump along the bottom," he said.
BCC urged the government to set up a business bank to boost lending to firms. It also called for higher spending on infrastructure and long-term strategies for aviation and energy sectors.
The group said that the government should also lessen the regulation on businesses.
by RTT Staff Writer
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