The British Chambers of Commerce downgraded its U.K. growth projection for this year citing weaker than expected expansion in the first quarter.
The business lobby expects the economy to expand 2.3 percent this year instead of 2.7 percent. Nonetheless, the slowdown is expected to be temporary.
The prospects for the medium term remains steady with growth projected to be 2.6 percent next year and 2017.
"While this slowdown will serve as a warning about the strength of our economic recovery, we believe the UK will secure steady growth in the years to come," John Longworth, Director General of the British Chambers of Commerce said.
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