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17/10/2003
BCC warns of dangers of UK's two-speed economy
A British Chambers of Commerce (BCC) report released today has warned that the UK has a developed into a two-speed economy, with the gap between manufacturing and services widening.
According to the results of its Q3 2003 Quarterly Economic Survey, manufacturing suffered a sharp downturn whilst the service sector experienced a welcome rebound. Over the last quarter the manufacturing sector's position worsened with employment and home and export sales coming-in weaker than at any point since Q4 2001.
The services sector gained ground and experienced a marginal recovery across the board but export indicators are still relatively weak against the background of a poor first half.
David Frost, Director General of the BCC, said: "Manufacturing is the bedrock of our industrial performance and the weakness in manufacturing is a case for serious concern. Efforts to increase the productivity and competitiveness of UK manufacturing must therefore be at the forefront of the national economic agenda and particularly for the Chancellor in his pre-budget report."
Mr Frost also warned that the MPC must not raise interest rates prematurely as it was "vital" to avoid tax increases on business "in the face of the Chancellor's Budget deficits".
The BCC represents more than 135,000 businesses in all sectors of the economy and of all sizes.
(gmcg)
According to the results of its Q3 2003 Quarterly Economic Survey, manufacturing suffered a sharp downturn whilst the service sector experienced a welcome rebound. Over the last quarter the manufacturing sector's position worsened with employment and home and export sales coming-in weaker than at any point since Q4 2001.
The services sector gained ground and experienced a marginal recovery across the board but export indicators are still relatively weak against the background of a poor first half.
David Frost, Director General of the BCC, said: "Manufacturing is the bedrock of our industrial performance and the weakness in manufacturing is a case for serious concern. Efforts to increase the productivity and competitiveness of UK manufacturing must therefore be at the forefront of the national economic agenda and particularly for the Chancellor in his pre-budget report."
Mr Frost also warned that the MPC must not raise interest rates prematurely as it was "vital" to avoid tax increases on business "in the face of the Chancellor's Budget deficits".
The BCC represents more than 135,000 businesses in all sectors of the economy and of all sizes.
(gmcg)
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