BCC upgrades growth forecast
- Credit: Archant
The growth forecast for this year from the British Chambers of Commerce (BCC) has been upgraded from 3.1pc to 3.2pc - the highest since 2007.
Its growth forecast for next year has been upgraded from 2.7pc to 2.8pc, but remains unchanged for 2016 at 2.5pc.
The business group, which represents thousands of companies across the UK, predicts the first rise in official interest rates to 0.75pc will come in the first quarter of next year.
Caroline Williams, CEO of Norfolk Chamber, said: 'Business confidence in Norfolk continues to grow. With increased certainty surrounding the local economy, businesses feel able to invest, however the number of organisations operating at full capacity remains low.
'The UK is one of the cheapest manufacturing locations in the Western hemisphere according to a report from the Boston Consulting Group and many Norfolk businesses are reporting strengthening order books for overseas sales.'