UK economy ‘returns to growth’

According to a British Chambers of Commerce (BCC) survey, the UK economy returned to growth in the third quarter.

Based on its quarterly survey of 7,593 UK firms, the BCC estimates the economy to have grown by 0.5 per cent between July and September.

Despite the estimate showing economic growth after three successive quarters of contraction, the BCC stated its belief that fixing the UK’s finances will take longer than previously hoped.

On the back of the survey the BCC has called for the Government to implement additional measures to boost growth, such as the speedy application of plans to create a ‘British business bank’.

BCC chief economist David Kern said: “Despite official estimates, we believe the economy is still growing, but it is slowing. We need immediate measures now to support confidence and investment, a radical long-term growth plan, and a continued commitment to deficit reduction.”