Fragile Growth as Crucial Budget Beckons

16th October 2025

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

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

“Today’s data shows the economy picking up slightly, driven by services and construction. That will be welcomed by business, ahead of what is expected to be a challenging Budget next month.  

“However, growth of 0.3% in the three months to August, and 0.1% in the month itself, won’t settle the long-standing concerns of the firms we represent.   

“Our latest survey shows business confidence and investment levels continue to suffer. A fifth of firms are expecting lower turnover over the next year, and a quarter have scaled back investment plans.  

“For the last twelve months, SMEs have told us the same story: rising costs, weak investment, and little sense of relief on the horizon. 

“All eyes will be on the Chancellor’s make-or-break Budget next month. Our message is simple – no more taxes on business. Growth will only improve if business confidence improves, and that won’t happen if more cost pressures are piled on firms. The Chancellor must also use her statement to tackle the skills crisis, support exports and turbocharge infrastructure projects.” 

Read the full ONS data here