{"id":72865,"date":"2021-12-13T11:32:16","date_gmt":"2021-12-13T11:32:16","guid":{"rendered":"https:\/\/secondchargemortgageuk.com\/?p=72865"},"modified":"2021-12-13T11:32:17","modified_gmt":"2021-12-13T11:32:17","slug":"weaker-spending-to-weigh-on-uk-economy-next-year","status":"publish","type":"post","link":"https:\/\/secondchargemortgageuk.com\/weaker-spending-to-weigh-on-uk-economy-next-year\/","title":{"rendered":"Weaker spending to weigh on UK economy next year"},"content":{"rendered":"\n<p>Weaker consumer spending and downbeat trade will cause the UK economy to expand at a slower pace than expected next year, according to a new report released today.<\/p>\n\n\n\n<p>The British economy will grow 4.2 per cent next year, a downward revision from 5.2 per cent, according to projections made by the business group the British Chambers of Commerce (BCC).<\/p>\n\n\n\n<p>Lower consumer spending is the main driver for the less optimistic outlook, caused by roaring inflation and tax hikes earring into households\u2019 real income.<\/p>\n\n\n\n<p>The BCC expects inflation to scale to 5.2 per cent next spring, 0.2 percentage points higher than the Bank of England\u2019s expectations.<\/p>\n\n\n\n<p><em>To find out more about how we can assist you with your <strong>Second Charge Mortgage<\/strong> please <a rel=\"noreferrer noopener\" href=\"https:\/\/secondchargemortgageuk.com\/contact-us\/\" target=\"_blank\">click here<\/a><\/em><\/p>\n\n\n\n<p>Ongoing supply chain snarl ups scuppering trade flows, compounded by worker shortages and prices rising rapidly will also weigh on growth.<\/p>\n\n\n\n<p>Suren Thiru, head of economics at the BCC, said: \u201cThe downgrades to our forecast reflect a moderating outlook for key areas of the UK economy, including consumer spending and trade.\u201d<\/p>\n\n\n\n<p>\u201cConsumer spending is likely to be more restrained than expected over the near term from a combination of negative real wage growth and stretched household finances amid rising inflation,\u201d he added.<\/p>\n\n\n\n<p>Household spending represents an enormous share of output in the UK, meaning any reduction in spending hits the economy hard.<\/p>\n\n\n\n<p><em>By JACK BARNETT<\/em><\/p>\n\n\n\n<p>Source: <a rel=\"noreferrer noopener\" href=\"https:\/\/www.cityam.com\/weaker-spending-to-weigh-on-uk-economy-next-year\/\" target=\"_blank\">City AM<\/a><\/p>\n\n\n\n<p><em>Discover our <a rel=\"noreferrer noopener\" href=\"https:\/\/secondchargemortgageuk.com\/\" target=\"_blank\"><strong>Second Charge Mortgage Broker<\/strong><\/a> services.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Weaker consumer spending and downbeat trade will cause the UK economy to expand at a slower pace than expected next year, according to a new report released today. The British economy will grow 4.2 per cent next year, a downward revision from 5.2 per cent, according to projections made by the business group the British [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":72255,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mi_skip_tracking":false},"categories":[1978],"tags":[2081,2205,2075],"yst_prominent_words":[235,106,1252,1266,485,111],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v14.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Weaker consumer spending to weigh on UK economy next year<\/title>\n<meta name=\"description\" content=\"Weaker consumer spending and downbeat trade will cause the UK economy to expand at a slower pace than expected next year.\" \/>\n<meta name=\"robots\" content=\"index, follow\" \/>\n<meta name=\"googlebot\" content=\"index, follow, max-snippet:-1, max-image-preview:large, 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