The British Chambers of Commerce (BCC) released its Quarterly Economic Survey for the U.K. on Monday. The BCC said that Britain's economy continued to slow in the first quarter.

According to the survey, the manufacturing sector improved slightly in the first quarter, while several key indicators for the services sector declined slightly.

The BCC pointed out that there were the downside risks to the outlook.

"These results are disappointing but not surprising. Although GDP growth for the previous quarter was upgraded slightly, our survey points to a slowdown in Q1 2016. This is the inevitable consequence of mounting global and domestic uncertainties, but it is nevertheless concerning that the vibrant and dominant services sector is likely to face mounting challenges in the next few years," David Kern, Chief Economist of the British Chambers of Commerce, said.