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BCC lowers UK growth forecast in 2012 to 0.1%

The British Chambers of Commerce has revised down its forecast for UK growth this year from 0.6 per cent to 0.1 per cent.

The BCC says the 0.3 per cent fall in GDP in the first quarter of 2012 coupled with continued troubles in the eurozone will keep GDP growth in the UK at minimal levels for the remainder of this year.

The BCC, which represents over 100,000 businesses, expects growth to gradually improve in 2013 and 2014. The firm has marginally raised its GDP output from 1.8 per cent to 1.9 per cent in 2013, with growth of 2.3 per cent in 2014.

The UK economy entered a technical recession last month after the Office for National Statistics reported two consecutive quarters of declining growth.

BCC director general John Longworth says: “Our new forecast underlines the need for bold action to deliver growth. Businesses are busting a gut in an uncertain environment, and they will need to continue to do so. But if companies are to accept uncertainty as the new norm, then they must be met with a bold, enterprise-friendly government to enable them to grow in the long term. Without government working together with business, the economy will continue to bump along the bottom for longer than we’d all like.”



SRA to launch consultation on IFA referrals

The Solicitors Regulation Authority is consulting on whether to change its requirement for solicitors to refer clients to independent financial advisers for investment advice. The SRA plans to launch the 12-week consultation following its board meeting on July 4. Currently, the SRA’s code of conduct states solicitors can only refer clients who need investment advice […]


Osborne U-turns on tax relief cap for charitable giving

Chancellor George Osborne has dropped plans to impose a limit on tax relief for charitable giving, according to the BBC. In the March Budget, Osborne (pictured) announced plans to limit the amount that can be reclaimed in tax relief, including on charitable giving, to £50,000 or 25 per cent of an individual’s income, whichever is […]

Self-build lacks lenders

Brokers feel the Government’s drive to increase the number of people building their own home will fall short due to lenders’ apprehension about this type of lending. Earlier this month, housing minister Grant Shapps urged lenders to offer more self-build deals after pledging £30m to provide short-term finance to help fund projects where groups of […]


FSA reduces 2012/13 adviser fees and levies

The FSA has cut advisers’ regulatory fees and levies to £37.1m, down 6.5 per cent from £39.7m in 2011/12. The FSA published a policy statement today confirming its regulatory fees and levies for 2012/13. The figure is down 4 per cent from the £38.4m it proposed in February. Advisers in the A12 fee block, which […]


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