By Marcus Leach
Despite the International Monetary Fund (IMF) raising the UK's economic forecast this week, Dr Adam Marshall, Director of Policy and External Affairs at the British Chambers of Commerce (BCC) said more can be done to promote growth.
The IMF lifted its economic growth forecast for the UK this year from 0.7% to 0.9%, adding to the belief that the economy is firmly back on the right track.
Not since April 2012 has the IMF raised its UK forecast. A Treasury spokesman said it showed that the economy was moving from 'rescue to recovery'.
However, Dr Adam Marshall, has warned that we must not rest on our laurels, but rather continue to drive growth forward.
“The upward revision to the IMF’s growth forecast is encouraging and in line with our own. This ties in with our own economic survey and other data sets which show that business confidence is rising and firms are looking at new ways to help drive the economic recovery," he said.
"We know that there has been undue pessimism over the UK economy throughout recent months, as the firms we speak to, day in, day out, tell us they are looking to invest, export and grow and are optimistic about the future.
“However, the government can and must do more to create an environment that supports enterprise, as this will help more businesses drive the growth the UK urgently needs.
"We need to see swift delivery of the infrastructure measures promised in the recent Spending Review, more support for exporters looking to expand into new markets and far more action on finance for growing companies. Only then will we be able to propel our growth prospects further still, and head towards a long-lasting economic recovery.”
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