London (AFP) - Business lobby group the British Chambers of Commerce (BCC) on Tuesday warned that sustained economic recovery was "not yet secure" due to potential imbalances in the system.
Speaking on publication of the BCC's economic survey for the first quarter, its chief economist David Kern said the current resurgence relied too heavily on consumer spending, and that personal debt needed to be unwound.
"UK growth is still reliant on consumer spending, driven by a resurgent housing market and a declining savings ratio," he said, adding that "significant structural changes to our economy" were needed to produce longer term results.
He highlighted Britain's current account deficit as a risk, saying: "Investment and exports must play a larger contribution to our economic future, or else there is a risk that our recovery could stall."
yahoo.com
Speaking on publication of the BCC's economic survey for the first quarter, its chief economist David Kern said the current resurgence relied too heavily on consumer spending, and that personal debt needed to be unwound.
"UK growth is still reliant on consumer spending, driven by a resurgent housing market and a declining savings ratio," he said, adding that "significant structural changes to our economy" were needed to produce longer term results.
He highlighted Britain's current account deficit as a risk, saying: "Investment and exports must play a larger contribution to our economic future, or else there is a risk that our recovery could stall."
yahoo.com
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