UK growth forecast cut post Brexit

UK retailers, brands and businesses in general may face tougher times ahead than anticipated, as the British Chambers of Commerce (BCC) has slashed its growth forecast for the UK in the light of the Brexit vote.

According to the BBC it now expects the UK to grow 1.8 percent this year, down from its March estimate of 2.2 percent, and by 1 percent in 2017 compared with its original forecast of 2.3 percent.

Uncertainty surrounding the UK's negotiations over its EU exit would "dampen growth prospects", it said, while consumer spending would weaken.

It also said the UK "would skirt with", but avoid, a recession.

The forecast from the BCC implied the UK economy would be 43.8 billion pounds smaller by the end of 2018 then it had expected before the EU vote.

The BCC is a national body of 52 accredited chambers of commerce across the UK, representing over 100,000 businesses in total.

Photo credit: Oxford Street, source: Oxfordstreet.co.uk