Economy Grows but Chill of Uncertainty Remains  

14th February 2025

Stuart Morrison, Research Manager at the British Chambers of Commerce, responds to the latest GDP data released by the ONS this morning

Responding to the latest GDP data released by the ONS this morning, Stuart Morrison, Research Manager at the British Chambers of Commerce said: 

“Confirmation that the economy grew slightly in Q4 is a small bit of relief for businesses in challenging times. However, regardless of the headline data, it's clear that many firms faced a chill of uncertainty in the final months of last year. 

“Our research shows the Autumn budget created a challenging menu of cost pressures for businesses to try and stomach. The national insurance and minimum wage hikes are pushing firms to make tough decisions simply to balance the books. Changes to the employment rights legislation in the coming months are adding further costs and concern for businesses. 

“Boosting business investment is fundamental for the UK to achieve stronger growth in the long term. Our immediate solutions for government are clear - accelerate business rate reform, green light more infrastructure projects and boost exports. Business need support to get the UK thriving, working and trading.”