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Business voices concerns over pace of economic growth

The Government is being urged to take action on the economy amid fears that the pace of economic growth is faltering.

The British Chambers of Commerce (BCC) said it expects the UK economy to grow by 0.3% in the second quarter of 2011.

Official figures showed that the UK economy grew by 0.5% in the first quarter of 2011, after a 0.5% decline in the final quarter of 2010.

Furthermore, new research suggests that the number of profit warnings from quoted retailers has more than doubled during the first half of 2011 when compared to the number for the whole of 2010.

The BCC is now calling for ‘radical reforms’ to support business, arguing that the Government has failed to create a ‘credible plan’ to boost economic growth.

BCC director-general, David Frost, said: ‘Britain’s economic recovery is continuing but the pace of growth is too slow, and our economy is out of balance. Wealth-creating businesses must be given the right conditions to create growth or there is a real chance that the economic recovery could be thrown off course.

‘We accept the need to persevere with painful measures to cut the deficit. But the Government must move beyond the rhetoric of growth, and introduce radical reforms to help businesses export, invest and create more jobs,’ he added.