BCC upgrades UK forecast for next three years

The British Chambers of Commerce(BCC) has upgraded its long-term growth forecast for the UK, but warned the economy still faces domestic and overseas challenges.

It now expects output to rise by 0.9% this year, up from a previous prediction of 0.6%, the BBC reports. GDP for 2014 will likely be raised from 1.7% to 1.9%, and from 2.2% to 2.4% for 2015. It said the services sector is likely to outperform other areas. However, the body, which represents 104,000 business members with more than five million employees, warned UK growth is still too weak. "The upward revision in our growth forecasts is encouraging," said BCC director general John Longworth. "Unfortunately, this does not change the fact that economic growth is still too weak and ...