The British Chambers of Commerce (BCC) released its Quarterly Economic Survey for the U.K. on Thursday. The BCC said that the most key balances were weaker in Q4 than in Q3, noting that the UK economy is facing challenges, despite the growth.

"Coming after relatively weak figures in our Q3 survey, the falling balances in Q4 highlight the risk that the pace of growth may slow further in the short term. The results also underscore the serious obstacles that the UK will face when trying to rebalance the economy towards net exports. While worsening global circumstances are the main impediment, the domestic drive towards boosting net exports is also inadequate," David Kern, Chief Economist of the British Chambers of Commerce, said.