The British Chamber Of Commerce (BCC) has warned that Britain is at ’serious risk’ of a full scale recession, with suggestions that the economy is now slowing down much more quickly than experts had previously predicted.
It is the backbone of UK businesses, the service sector that is showing the worst signs, with more firms now seeing a sharp downturn in the number of orders being taken for the second consecutive quarter this year.
Business confidence amongst the service sector, which is responsible for 75% of the UK economy, is also continuing to fall, heading for it’s most depressed level since 1990.
Expert predictions from City economists are also incredibly way off the mark, as National Statistics showed that manufacturing output fell by 0.5% for May, five times faster than the 0.1% predicted. Figures for June are now expected to show a similar pattern.
The BCC warned the UK now faces a “serious risk” of moving into recession, with its data suggesting a “menacing deterioration” in the outlook for the UK.
David Kern, the BCC’s economic adviser, said: “The outlook is grim and we believe that the correction period is likely to be longer and nastier than anticipated.”
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