Economic Growth Remains Fragile

12th January 2024

Alex Veitch, Director of Policy and Insight at the British Chambers of Commerce, responding to the latest GDP data from the ONS

Responding to the latest GDP data from the ONS, Alex Veitch, Director of Policy and Insight at the British Chambers of Commerce, said:  

“Today’s ONS data, showing GDP grew 0.3% in November, but fell 0.2% in the three months to then, indicates how fragile UK economic growth is right now.  

“It’s likely the economy will be stuck in the slow lane for the foreseeable future. Our latest Quarterly Economic Forecast expects growth below 1.0% for the next two years.  

“The Chancellor’s decision to make full expensing permanent was welcome, but more needs to be done to help businesses invest and drive economic growth. Despite the headline rate of inflation easing, firms are continuing to battle with high interest rates, recruitment difficulties, and tough international trading conditions.  

“Businesses are crying out for a long-term economic plan that prioritises growth. In the upcoming budget, and the election campaign to come, that must be the priority for all politicians.”