British economy remains weak in Q3

British economy remained weak and inadequate, but not as gloomy as the official data shows, said a survey report issued by the British Chamber of Commerce (BCC) on Tuesday. The BCC said the economy is expected to grow 0.5 percent in the third quarter of this year, but performance of domestic market, export delivery and order, business confidence and employment were worsened in the the period, compared with the previous quarter. The survey, comprising responses from 7,593 businesses across Britain, showed stagnation in the domestic market and a fall in exporting activity. John Longworth, Director General of the BCC, said that although the BCC does not agree with the Office for National Statistics (ONS)'s gloomy estimation that Britain was in technical recession for three consecutive quarters, "it is clear that the economy is stagnant." "The survey results could still signal a return to positive GDP growth in the third quarter of this year, as weaker balances may not indicate a contraction in overall economic activity." Longworth urged the government to focus on policies that will create the right business environment for firms to invest and grow. According to the survey, for both manufacturing and services, the home deliveries balances were only slightly above zero, and the forward-looking home orders were in negative territory. The employment across Britain worsened in July-September, and is below the pre-recession level in 2007, said the BCC. "It is clear that the economy has been stagnant for too long, and urgent measures are needed to enable businesses to drive a sustainable recovery," said David Kern, BCC Chief Economist. "The job of repairing Britain's public finances will take longer to complete than initially planned," he said.