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		</div><p><a href="http://londonglossy.com/wp-content/uploads/2010/12/bcc-downgrades-gdp-growth-forecast.jpg"><img class="alignnone size-full" title="UK economy will grow by less than previously expected next year, BCC predicted" src="http://londonglossy.com/wp-content/uploads/2010/12/min-bcc-downgrades-gdp-growth-forecast.jpg" alt="UK economy will grow by less than previously expected next year, BCC predicted"/></a></p>
<p>The UK&#8217;s economy will grow by less than previously expected next year, as a result of the eurozone debt crisis, the Government&#8217;s austerity cuts and the slump in the housing market, according to a report.</p>
<p>The British Chambers of Commerce downgraded its forecast for the UK&#8217;s GDP growth in 2011 to 1.9% from the 2.2% in its September prediction.</p>
<p>It expects a sharp downturn in the pace of UK growth at the beginning of 2011 in reaction to the rise in VAT from 17.5% to 20%, and the Government&#8217;s cuts. Year-on-year growth will slow from 3% in the final quarter of 2010 to 1.4% in the second half of 2011, it predicts.</p>
<p>Last month the Government&#8217;s Office for Budget Responsibility (OBR) downgraded its own predictions for 2011 to 2.1% from 2.3% but the BCC said the latest predictions were still too optimistic.</p>
<p>The BCC believes the UK&#8217;s economy is sufficiently robust to avoid slipping back into recession. It upgraded its GDP growth forecasts for 2012 from 1.8% to 2.1%, although its figure is still significantly less than the OBR&#8217;s 2.6%.</p>
<p>The UK&#8217;s longer-term economic prospects had improved in recent months because of the growth in the private sector, it said.</p>
<p>The BCC also reduced its predictions for the number of people who will be out of work by the second half of 2012 by 50,000 to 2.6 million.</p>
<p>However, it said there may be some sharper increases in unemployment in the immediate period as a result of the budget cuts.</p>
<p>BCC director general David Frost called on the Government to make helping businesses its priority.</p>
<p>&#8220;British business is willing and able to drive the recovery, but it can only do so if the Government will back its words with deeds,&#8221; he said. &#8220;The Government must avoid at all costs new business taxes and measures that damage initiative, enterprise and innovation.&#8221;</p>
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