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The quarterly economic survey conducted by the British Chambers of Commerce (BCC), painted a bleak picture of the UK’s economic growth prospects, indicating that the Bank of England (BOE) rate hike talks appear ill-judged”.

Key Points:

The UK services and manufacturing company domestic sales picked up slightly in Q2.

The UK business investment intentions and confidence weaken.

BCC Head of Economics Suren Thiru, noted:

“While the modest pick-up in domestic activity points to a slight rebound in growth from a weak first quarter, there remains little evidence in the current data to suggest a sustained upturn in the UK’s economic growth prospects.

Against this backdrop, the Bank of England’s recent rhetoric around raising interest rates continues to look ill-judged.”