BCC: QUATERLY ECONOMIC FORECAST Q4 2023

The BCC expects UK GDP growth to flatline for the next three years.

– UK economic growth set to remain sluggish, with growth rate of 0.6% now expected for the whole of 2023, dropping to 0.4% in 2024, and nudging up only slightly to 0.6% in 2025.

– The inflation rate is expected to slow to 4.6% in Q4 2023, revised down slightly from last quarter. The interest rate is expected to have reached its peak but will remain higher for longer.

– Investment and government spending are expected to decline in 2024.