12 April 2023

BCC’s Head of Research, David Bharier: “IMF World Economic Outlook expects UK GDP to contract by 0.3% in 2023, the same as predicted by the most recent forecast from the British Chambers of Commerce. Our own research shows that while business confidence has rebounded at the start of this year, renewed optimism is yet to translate into improved business conditions. The IMF correctly highlight ongoing supply chain disruptions and global conflicts as major risk factors for economic growth. Inflationary pressures remain the top concern for UK businesses, and while the rate of inflation is showing signs of easing, the lasting damage has left many SMEs unable to invest and grow.”