BRC: "We are not expecting recession"

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BRC: "We are not expecting recession"

The British Retail Consortium does not expect the economy to go into a recession.

Spokesperson Richard Dodd said that while consumer spending is likely to slow down, "we are not expecting to actually see the economy shrink this year or next".

The British Chambers of Commerce (Q2) Quarterly Economic Survey, published in July, found that there is a serious risk of recession.

Nearly 5,000 businesses of all sizes participated in the survey, some of which had reached historical lows in manufacturing and service.

They predicted that if current trends continue, the UK business sector is one quarter away from a technical recession.

The report also found confidence dropping in manufacturing and services and cash flow to be in negative territory and at record lows.

Finance website Fool.co.uk says economists generally define a recession as two consecutive quarters when a country's gross domestic product decreases.

This would mean six months of falling business activity, often accompanied with decreased demand in most markets and increased unemployment.

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