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QINGDAO TODAY
在线翻译:
szdaily -> World Economy -> 
UK employers cut growth forecasts amid Brexit woe
    2019-09-17  08:53    Shenzhen Daily

THE British Chambers of Commerce (BCC) cut its forecast for economic growth this year and 2020 yesterday, blaming a slower global economy, Sino-U.S. trade tensions and the persistent drag from Brexit.

The BCC, whose members employ about one in five British workers, cut its economic growth forecast for this year to 1.2 percent from its June forecast of 1.3 percent and lowered the figure for 2020 to 0.8 percent from 1 percent.

The BCC’s new 2020 prediction is well below the average 1.1 percent forecast for next year in a recent poll of economists, and would represent the slowest growth since the 2008-09 recession.

The group said its forecasts were based on the assumption that Britain avoids a damaging no-deal Brexit.

“Our latest forecast shows a number of warning lights are flashing for the U.K. economy, even if we are able to avoid a messy and disorderly exit from the EU in just a few weeks’ time,” BCC director general Adam Marshall said.

Prime Minister Boris Johnson has promised to take Britain out of the EU on Oct. 31, without a transition deal if necessary, but parliament has ordered him to delay Brexit if he cannot negotiate a new deal with Brussels next month.

The world economy is also losing momentum, largely due to an ongoing trade conflict between the United States and China which has hit goods exporters such as Germany especially hard.

Britain’s economy contracted by 0.2 percent in the three months to June, largely due to a hangover from preparations for the original March 29 Brexit date, but the BCC forecast a small bounce back to 0.3 percent growth in the current quarter.

Brexit uncertainty was hitting business investment, which was heading for its longest period of full-year declines in 17 years -and gains in productivity, limiting future rises in living standards, BCC economist Suren Thiru said.

The BCC forecast wage growth would average just under 3 percent over the next couple of years-a slower pace than so far this year-while inflation was seen holding at just over 2 percent, with Bank of England interest rates not rising until 2021.

Furthermore, Brexit jitters cause rare September fall in U.K. house prices.

Asking prices for houses in Britain have suffered their first September fall in nine years as worries about Brexit caused buyers to hesitate and sellers to keep properties off the market, property website Rightmove said yesterday.

The average price of property being put up for sale fell by 0.2%, or 730 pounds (US$908.92), from August, breaking the pattern of consistent monthly price rises for the month of September since 2010, Rightmove said.

Rightmove director Miles Shipside pointed to uncertainty about Brexit with Britain due to leave the European Union on Oct. 31 and Prime Minister Boris Johnson saying he is prepared for a no-deal Brexit if needed.

(SD-Agencies)

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