BCC responds to ONS Q1 2020 GDP stats

13th May 2020

Commenting on GDP statistics for Q1 2020, published today (13 May) by the ONS, BCC Head of Economics Suren Thiru said:

“The contraction in UK GDP in the first quarter underscores the negative impact that coronavirus had on the economy, even at its earliest stages. The quarterly decline was driven by a sharp drop in monthly GDP in March with activity in all sectors contracting as the UK went into lockdown.

“The speed and scale at which Coronavirus has hit the UK economy is unprecedented and means that the Q1 decline is likely to be followed by a further, more historically significant, contraction in economic activity in Q2.

“While a swift ‘V-shaped’ economic revival as restrictions are lifted may prove too optimistic, government support can play a vital role in avoiding a prolonged downturn. The extension of the furlough scheme was a crucial first step, but more needs to be done to ensure that the right support is in place to deliver a successful restart of the economy.”

You might also be interested in

The big switch-off is coming. Are you prepared?

Thu 30th June 2022

We’ve seen significant changes across the workplace in recent years to support greater collaboration, and another major milestone is fast approaching.

Import Safeguarding - What does it mean?

Thu 30th June 2022

We have the latest information on Safeguard measure that was published on 22nd June which will have an impact on businesses in this region.

Sheffield Chamber are looking for a new printing contract!

Tue 28th June 2022

Could you help our team by providing specialised printing equipment that we need to produce vital exporting documentation for our members?

St Luke’s Joins Chamber as Patron in 50th Year

Fri 17th June 2022

St Luke’s has joined Sheffield Chamber as a Patron as it celebrates its 50th year.