The UK is set to see a sharp slowdown in economic growth as the mounting supply chain crisis and staff shortages threaten to derail Britain’s recovery, according to a major business group. The British Chambers of Commerce (BCC) warned there was also a “real danger” the government’s health and social care levy could further stifle the economic bounce-back from the pandemic. It comes after the government on Tuesday announced a 1.25 percent national insurance tax hike to raise £12 billion ($16.5 billion) to help fund the NHS backlog and social care system. The BCC slashed its forecast for third-quarter growth to 2.8 percent from 3.5 percent previously as it said the supply chain disruption and hiring difficulties are offsetting the boost from July’s full lifting of coronavirus restrictions. It added that growth—which stood at 4.8 percent in the second quarter—is predicted to ease back further to 1.6 percent between October …
Supply Chain Crisis Threatens to Derail UK Recovery Says Business Group
September 9, 2021
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