Britain's main business network has boosted its forecast for the country's economic growth this year and next but lowered it for 2018, as uncertainties surrounding the Brexit process persist.
The British Chamber of Commerce (BCC) cited higher than anticipated third quarter gross domestic product (GDP) numbers in the revision of its full-year forecast to 2.1 percent from 1.8 percent. Its 2017 forecast was simultaneously upped marginally to 1.1 percent from 1.0 percent.
However, although the BCC believes the country will manage to avoid recession, it does anticipate slowing economic momentum over the next two years given higher inflation trends and a continued lack of clarity about the process by which the U.K. leaves the EU. On the back of this, it has dropped its 2018 GDP forecast to 1.4 percent from 1.8 percent.
The BCC's Director-General, Adam Marshall, told CNBC Monday that given Brexit has not yet happened, it is, very simply, too early to tell what its impact will be.
"What we do know is that this year quite a lot of businesses are saying 'it's business as usual'. Trading conditions with the exception of the sterling depreciation are still the same … They can still trade into the same markets they could before etc," he explained.
"A lot of firms simply ploughing ahead," he added.