MOSCOW (Sputnik) – According to the BCC, the core reasons for the forecast's re-examination were the decrease in investments and weakening of the consumer expenditure that hit the country after the Brexit referendum.
"In its first economic forecast since the EU referendum, the British Chambers of Commerce (BCC) has today (Monday) downgraded its UK GDP growth forecast, from 2.2% to 1.8% in 2016, from 2.3% to 1.0% in 2017, and from 2.4% to 1.8% in 2018," the report said.
On June 23, the United Kingdom held a referendum to determine whether or not the country should leave the European Union. According to the final results, 51.9 percent of voters, or 17.4 million people, decided to support Brexit, while about 16.1 million opposed it.
UK Chancellor of the Exchequer George Osborne said earlier this month that the Brexit decision has impacted the national economy forcing companies to cut back on investments.
