Expert comment on the British Chambers of Commerce cutting its growth forecast for the UK economy
If you are looking for expert comment on the British Chambers of Commerce cutting its growth forecast for the UK economy James Mitchell, of Warwick Business School, is a professor of economic modelling and forecasting and part of the Warwick Business School Forecasting System (WBSFS).
James Mitchell, professor, said:
“Our latest forecasts point to more consensus across economic forecasters, including the OBR and the Bank of England, about UK GDP growth than inflation prospects, but there is still a 33% that growth will exceed three per cent in 2016.
“While it is reassuring that there is increased confidence that economic growth will continue through 2016, forecasters do differ in the degree to which they believe this robust growth will be underpinned by low inflation. The WBSFS suggests inflation is more likely than not to fall beneath the latest central forecasts from the Bank of England and the OBR. There is a 75% chance inflation will be less than 1% in 2016, with a 33% chance that we will see deflation next year.”