British Chamber of Commerce warns of need to boost growth
Additional measures to boost economic growth are needed, the British Chamber of Commerce (BCC) warned today, as the job of repairing British finances will take longer to complete than initially hoped.
The BCC's quarterly economic survey, covering 7,593 businesses across the UK, revealed that economic growth in the UK remains weak as sales at home and overseas stagnate.
But in the Black Country, while figures from local manufacturing companies show UK sales have fallen for the third quarter in a row, more firms are bucking the national trend and seeing overseas sales on the rise.
Overall most businesses are holding fire on new recruitment and slightly more are predicting they may have to cut staff in the coming months.
Fewer Black Country companies are looking to invest in new equipment, although more manufacturing firms are spending money on training.
The survey also found the number of manufacturers working at full capacity has almost doubled, while services firms have seen their first drop in 12 months.
Overall the BCC now expects gross domestic product between July and September to grow 0.5% after three consecutive quarters of decline.
The BCC said it did not agree with the Office for National Statistic's "gloomy estimation" that the UK was in technical recession.